MS HB352

Increases the maximum aggregate amount of state income tax credits for historic property rehabilitation costs from $60 million to $100 million.

Extends the deadline for taxpayers to receive a certificate evidencing eligible credit or a written determination from the Mississippi Department of Archives and History from December 31, 2017 to December 31, 2031.

Maintains the 25% income tax credit for rehabilitation costs of certified historic structures and structures in certified historic districts, available to taxpayers whose rehabilitation costs exceed $5,000 (owner-occupied) or 50% of property basis (other properties).

Allows taxpayers with excess credits over $250,000 to elect a refund of 75% of the excess credit paid in equal installments over two years, or carry forward unused credits for up to 10 years.

Takes effect July 1, 2016.