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MS HB1691

Bill

Official Source

Status

Failed

4/5/2016

Primary Sponsor

Philip Gunn

Click for details

Origin

House of Representatives

2016 Regular Session

AI Summary

  • Doubles the maximum aggregate amount of historic rehabilitation tax credits from $60 million to $120 million
  • Extends the deadline for taxpayers to be issued a certificate for the 25% income tax credit from December 31, 2017 to December 31, 2031
  • Allows taxpayers previously determined eligible but denied credits due to the $60 million cap to now receive credits under the increased limit
  • Tax credit applies to rehabilitation costs exceeding $5,000 for owner-occupied dwellings or 50% of property basis for other properties
  • Effective date of July 1, 2016

Legislative Description

Historic property income tax credit; increase maximum amount of credits and extend time for taxpayer eligibility.

Last Action

Died In Committee

4/5/2016

Committee Referrals

Finance3/28/2016
Ways and Means3/8/2016

Full Bill Text

No bill text available