MS SB2938

Deletes language excluding single-family dwellings from the definition of "eligible property" for Mississippi's historic rehabilitation income tax credit.

Allows taxpayers to claim a 25% income tax credit against rehabilitation costs and expenses for certified historic structures or structures in certified historic districts.

Credit requires rehabilitation costs exceeding $5,000 for owner-occupied dwellings or 50% of total property basis for other properties, with rehabilitation consistent with Secretary of Interior standards.

Limits aggregate tax credits to $120,000,000 statewide with maximum $12,000,000 awarded per fiscal year; excess credits can be carried forward 10 years or claimed as refund if exceeding $250,000.

Effective January 1, 2017; applies to taxpayers issued certificates before December 31, 2020, or who received written determination from Mississippi Department of Archives and History before that date.