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MS HB1692

Bill

Official Source

Status

Failed

3/16/2016

Primary Sponsor

John Lamar

Click for details

Origin

House of Representatives

2016 Regular Session

AI Summary

  • Increases the maximum aggregate amount of historic rehabilitation tax credits from $60 million to $100 million
  • Extends the deadline for taxpayers to receive tax credit certificates from December 31, 2017 to December 31, 2031
  • Provides a 25% income tax credit for rehabilitation costs of certified historic structures or structures in certified historic districts in Mississippi
  • Allows taxpayers with credits exceeding $250,000 to elect a 75% refund of excess credit (paid over two years) instead of a 10-year carryforward
  • 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

3/16/2016

Committee Referrals

Ways and Means3/8/2016

Full Bill Text

No bill text available