MS HB1593

Provides a 25% income tax credit for costs of rehabilitating surplus school buildings into housing, assisted living, retail, manufacturing, or other business uses that create at least 5 new jobs and add the property to local tax rolls

Caps the total aggregate tax credits for development costs at $20 million, with unused credits eligible for 10-year carryforward or 75% refund election for credits exceeding $150,000

Creates a separate $2,500 annual tax credit per unit for property owners who rent to public schoolteachers, which must be used entirely to subsidize teacher rent

Teacher housing credit is available for 10 years after the property is placed in service and requires certification that teachers pay the same rent rate as other tenants

Authorizes the Department of Revenue to establish fees to cover administrative costs and creates a special fund to hold collected fees for program administration