MS SB2901

Creates a 25% state income tax credit for taxpayers who incur costs rehabilitating, restoring, or redeveloping eligible surplus school buildings or other property owned by political subdivisions, municipalities, counties, or junior/community colleges, provided the project creates at least 5 new jobs and adds the property to ad valorem tax rolls.

Allows eligible project costs incurred after January 1, 2015 to qualify for the credit, with unused credits that exceed annual tax liability carried forward for up to 10 tax years.

Permits tax credit holders to transfer or sell unused credits to other individuals or entities an unlimited number of times, with transferors and transferees required to notify the Department of Revenue within 10 business days of any transfer.

Provides an additional $2,500 annual tax credit per public schoolteacher tenant in eligible housing projects, claimed in arrears and prorated for partial-year tenancy, expiring 10 years after the project is placed in service.

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