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MS HB944
Bill
Status
Failed
2/2/2021
Primary Sponsor
Missy Warren McGee
Click for details
AI Summary
- Authorizes taxpayers to sell or transfer excess historic rehabilitation tax credits to other Mississippi taxpayers with income tax liability, limited to one transfer per credit
- Requires sellers/transferors to notify the Department of Archives and History and Department of Revenue within 30 days of any credit sale or transfer, including specific details such as credit balance, identification numbers, and amount transferred
- Maintains existing 25% tax credit for rehabilitation costs of certified historic structures when expenses exceed $5,000 for owner-occupied dwellings or 50% of property basis for other properties
- Preserves alternative options for excess credits: 10-year carryforward or election to receive a 75% refund paid in equal installments over two years
- Caps aggregate historic rehabilitation tax credits at $180,000,000, with annual limit of $12,000,000 in new certificates per fiscal year
Legislative Description
Historic property income tax credit; revise certain provisions regarding.
Last Action
Died In Committee
2/2/2021
Committee Referrals
Ways and Means1/18/2021
Full Bill Text
No bill text available