MS SB2494

Creates a Mississippi Elderly Housing Tax Credit for affordable elderly housing projects placed in service after January 1, 2019, designated for residents age 55 and older

State tax credit amount cannot exceed the federal housing tax credit allowed for the same project when combined with credits under Section 33-1-18

Requires projects to restrict rents to no more than 30% of median income, with at least 40% of units occupied by households at 60% or less of median income, or 20% of units at 50% or less of median income

Unused tax credits may be carried forward for up to three succeeding tax years; credits cannot exceed the taxpayer's income tax liability in any given year

Authorizes the Mississippi Department of Revenue and Mississippi Home Corporation to establish rules and regulations for program administration