MS SB2938

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

Caps the aggregate tax credits for development costs at $80 million, with unused credits carried forward for 10 years or refunded at 75% for credits exceeding $150,000

Provides an additional $2,500 annual tax credit per unit for property owners who rent to public schoolteachers, requiring owners to use the credit to subsidize teacher rent

Teacher housing tax credits can be claimed for 10 years after the project is placed in service, with credits prorated based on months of teacher tenancy

Authorizes the Department of Revenue to establish fees to recover administrative costs and creates a special fund for fee deposits that does not lapse at fiscal year end