MS HB988

Establishes a 25% income tax credit for taxpayers who incur costs rehabilitating, restoring, or redeveloping surplus school buildings or other property owned by political subdivisions, municipalities, counties, or junior/community colleges for housing, assisted living, retail, manufacturing, distribution, wholesaling, or other business uses that create at least 5 new jobs and are added to ad valorem tax rolls.

Allows tax credits exceeding annual income tax liability to be carried forward for 10 years, and permits credits to be transferred or sold to other individuals or entities an unlimited number of times with Department of Revenue notification.

Provides an additional $2,500 annual income tax credit per public schoolteacher tenant for eligible projects containing teacher housing, with credits used to subsidize rent and claimed annually for up to 10 years after the project is placed in service.

Requires taxpayers to apply to the Department of Revenue for certification of eligible costs and establishes authority for the department to set fees for program administration, with fees deposited into a special fund to offset administrative costs.

Requires school boards entering into development agreements to retain a deed of trust or security interest in the property and limits school district liability to the value of retained property interests.