MS SB2481

Allows taxpayers to elect a rebate equal to 75% of the eligible tax credit amount at any time after certification, rather than being limited to the year of certification.

If a taxpayer has previously claimed a credit on their income tax return, the available rebate amount will be reduced by the amount of credit already used.

Applies to rehabilitation of certified historic structures or structures in certified historic districts, with a 25% credit/rebate on qualified rehabilitation costs exceeding $5,000 for owner-occupied dwellings or 50% of adjusted basis for other properties.

Maintains existing program limits including a $180,000,000 aggregate cap on total rebates and credits and a $12,000,000 annual limit per calendar year.

Becomes effective July 1, 2023.