MS SB2340

Extends the deadline for historic property rehabilitation tax credit eligibility from December 31, 2020 to December 31, 2021 for taxpayers obtaining certificates or written determinations from the Mississippi Department of Archives and History.

Maintains the 25% income tax credit for costs and expenses incurred rehabilitating certified historic structures or structures in certified historic districts, with minimum rehabilitation thresholds of $5,000 for owner-occupied dwellings or 50% of property basis for other properties.

Allows excess tax credits exceeding $250,000 to be refunded at 75% of the excess amount in equal installments over two years, or carried forward for ten tax years.

Caps total aggregate tax credits at $120,000,000 with an annual limit of $12,000,000 per state fiscal year, prioritizing taxpayers who received certificates prior to July 1, 2016 but were unable to claim credits due to previous caps.

Subjects claimed credits to recapture if eligible properties fail to be listed on the National Register within 30 months, if a potential district is not listed within 30 months, or if the rehabilitation is abandoned.