MS HB1587

Deletes language that previously excluded single-family dwellings from the historic property rehabilitation income tax credit, except for dwellings with certificates issued before July 1, 2016, or designated as National Historic Landmarks.

Allows taxpayers to claim a 25% income tax credit for rehabilitation costs of certified historic structures or structures in certified historic districts, with minimum rehabilitation expenses of $5,000 for owner-occupied dwellings.

Establishes a $120 million aggregate cap on total tax credits awarded, with a $12 million annual limit per state fiscal year, and allows taxpayers with excess credits exceeding $250,000 to elect a 75% refund payable over two years instead of a ten-year carryforward.

Requires taxpayers to apply to the Mississippi Department of Archives and History for certification that rehabilitation meets Secretary of Interior standards, and makes the credit subject to recapture if the property is not listed within 30 months or if rehabilitation is abandoned.

Applies only to taxpayers issued certificates before December 31, 2020, or who received written determination from the Department of Archives and History before that date and are subsequently issued a certificate.