MS SB2460

Establishes a 25% income tax credit for taxpayers who rehabilitate or redevelop surplus school buildings for housing, retail, manufacturing, or other business uses that create at least 5 new jobs.

Allows excess tax credits exceeding $150,000 to be refunded at 75% of the excess amount over two years, or carried forward for 10 tax years.

Creates an additional $2,500 annual per-unit tax credit for property owners who provide housing to public schoolteachers, with credits capped at 10 years and requiring school district certification of teacher employment.

Caps total tax credits awarded statewide at $20,000,000 and requires taxpayers to apply through the Department of Revenue, which will issue certificates for eligible projects.

Authorizes the Department of Revenue to establish and collect fees for administering the program, depositing fees into a special fund to offset administrative costs without requiring legislative appropriation.