AN ACT TO AMEND SECTION 27-7-22.31, MISSISSIPPI CODE OF 1972, WHICH AUTHORIZES AN INCOME TAX CREDIT FOR COSTS AND EXPENSES INCURRED FOR THE REHABILITATION OF CERTAIN HISTORIC STRUCTURES, TO REMOVE THE PROVISION THAT EXCLUDES SINGLE-FAMILY DWELLINGS FROM THE DEFINITION OF THE TERM "ELIGIBLE PROPERTY"; TO REVISE THE PROVISIONS UNDER WHICH A TAXPAYER ELIGIBLE FOR A TAX CREDIT MAY CLAIM THE TAX CREDIT IN PHASES; TO AUTHORIZE THE SALE OR TRANSFER OF SUCH INCOME TAX CREDITS; TO PROVIDE THAT CREDIT FOR A PROJECT WITH TOTAL QUALIFIED REHABILITATION COSTS AND EXPENSES OF LESS THAN $3,000,000.00 SHALL NOT COUNT FOR PURPOSES OF THE PROHIBITION AGAINST THE DEPARTMENT OF ARCHIVES AND HISTORY ISSUING CERTIFICATES EVIDENCING THE ELIGIBLE CREDIT WHICH WILL RESULT IN CREDITS BEING AWARDED IN EXCESS OF $12,000,000.00 IN ANY ONE STATE CALENDAR YEAR; TO PROVIDE THAT A TAXPAYER SHALL CLAIM THE TAX CREDIT ON THE INCOME TAX RETURN FOR THE TAX YEAR FOR WHICH THE CREDIT IS CERTIFIED AND TO PROVIDE THE ORDER IN WHICH A TAX CREDIT SHALL BE CERTIFIED; AND FOR RELATED PURPOSES.

Statutes affected:
As Introduced: 27-7-22.31