MS HB766

Provides a 25% income tax credit for taxpayers who develop or rehabilitate surplus school buildings for housing, retail, manufacturing, or other business uses that create at least five new jobs and add the property to the ad valorem tax roll.

Allows tax credits exceeding $150,000 to be refunded at 75% of the excess amount in equal installments over two years, or carried forward for 10 years; aggregate credits awarded cannot exceed $1,000,000.

Provides an additional $2,500 per year tax credit for each public school teacher tenant, with credits claimed annually and expiring 10 years after the project is placed in service; credits must be used to subsidize teacher rent.

Requires the Department of Revenue to establish and collect fees from participating taxpayers to offset administrative costs, with fees deposited into a special state treasury fund.

Becomes effective upon passage.