MS HB1314

Brings forward Section 27-7-22.31 of the Mississippi Code to authorize a 25% income tax credit for rehabilitation costs of certified historic structures and structures in certified historic districts.

Credit applies to properties listed on the National Register of Historic Places, determined eligible for listing within 30 months, or designated as Mississippi Landmarks, with minimum rehabilitation costs of $5,000 for owner-occupied dwellings or 50% of property basis for other properties.

Excess tax credits exceeding $250,000 may be refunded at 75% over two years instead of carried forward 10 years; partnerships and limited liability companies may claim refunds at the entity level.

Aggregate tax credits capped at $120,000,000 total with maximum $12,000,000 awarded per state fiscal year; certificates issued prior to July 1, 2016 receive priority for awards.

Credit is subject to recapture if the property is not listed on the National Register within 30 months, the district is not listed within 30 months, or the rehabilitation is abandoned; applies only to taxpayers issued certificates before December 31, 2020.