MS HB192

Increases the maximum aggregate amount of historic rehabilitation tax credits that may be awarded from $60,000,000 to $100,000,000.

Maintains the existing 25% income tax credit for taxpayers who rehabilitate certified historic structures or structures in certified historic districts, with minimum rehabilitation costs of $5,000 for owner-occupied dwellings or 50% of property basis for other properties.

Allows taxpayers with excess credits exceeding $250,000 to elect a refund of 75% of the excess credit paid in equal installments over two years, rather than carrying forward the credit for ten years.

Applies only to taxpayers issued a certificate of eligible credit before December 31, 2017, or who received written determination from the Mississippi Department of Archives and History before that date.

Takes effect July 1, 2016.