MS HB1939

Establishes a tax credit program administered by the Department of Finance and Administration for taxpayers who develop commercial property in the Capitol Complex Improvement District and convert it to residential use.

Provides a refundable income tax credit equal to 25% of development costs incurred, with excess credits refundable or transferable once to other taxpayers with income tax liability.

Requires applicants to submit a development plan with property descriptions, current/former uses, and planned work; Department approves eligible participants and issues certificates of participation.

Limits aggregate tax credits allocated per calendar year to $5,000,000, with a 60-day deadline to incur costs after credit allocation or the allocation is cancelled.

Effective January 1, 2024; codified as a new section in Chapter 7, Title 27, Mississippi Code of 1972.