MS HB390

Allows taxpayers to elect a rebate (75% of eligible credit amount) for historic structure rehabilitation at any time after certification, rather than only in the year the rebate is certified

If a taxpayer has already used a tax credit on an income tax return before electing the rebate, the rebate amount will be reduced by the credit amount already utilized

Tax credit equals 25% of rehabilitation costs for certified historic structures or structures in certified historic districts, with excess credits carrying forward for 10 years

Annual cap of $12 million in rebates/credits for projects costing $1.75 million or more, and a separate $12 million cap for smaller projects, with a total aggregate limit of $180 million

Applies to rehabilitation projects receiving certification before December 31, 2030