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 REMOVE THE OPTION, IN LIEU OF THE TEN-YEAR CARRYFORWARD, OF A REFUND PAID OVER A TWO-YEAR PERIOD IN THE AMOUNT OF 75% OF THE EXCESS CREDIT; TO ALLOW THE OPTION, IN LIEU OF CLAIMING THE CREDIT, OF A REBATE OF 75% OF THE AMOUNT THAT WOULD BE ELIGIBLE TO CLAIM AS A CREDIT; TO PROVIDE THAT THE REBATE SHALL BE SUBJECT TO APPROVAL BY THE DEPARTMENT OF ARCHIVES AND HISTORY AND SHALL BE REDEEMED WITH THE DEPARTMENT OF REVENUE FOR AN IMMEDIATE CASH PAYMENT; TO PROVIDE THAT THE DEPARTMENT OF ARCHIVES AND HISTORY SHALL NOT ISSUE CERTIFICATES EVIDENCING THE ELIGIBLE REBATE OR CREDIT WHICH WILL RESULT IN CREDITS BEING AWARDED IN EXCESS OF $12,000,000.00 IN ANY ONE STATE CALENDAR YEAR FOR PROJECTS WITH TOTAL QUALIFIED REHABILITATION COSTS AND EXPENSES OF $1,750,000.00 OR MORE; TO PROVIDE THAT THE DEPARTMENT OF ARCHIVES AND HISTORY SHALL NOT ISSUE CERTIFICATES EVIDENCING THE ELIGIBLE REBATE OR CREDIT WHICH WILL RESULT IN CREDITS BEING AWARDED IN EXCESS OF $12,000,000.00 IN ANY ONE STATE CALENDAR YEAR FOR PROJECTS WITH TOTAL QUALIFIED REHABILITATION COSTS AND EXPENSES OF LESS THAN $1,750,000.00; TO PROVIDE THAT A TAXPAYER CLAIMING A CREDIT INSTEAD OF A REBATE SHALL CLAIM THE CREDIT ON THE INCOME TAX RETURN FOR THE TAX YEAR FOR WHICH THE CREDIT IS CERTIFIED; TO PROVIDE THE ORDER IN WHICH A REBATE OR CREDIT SHALL BE CERTIFIED; AND FOR RELATED PURPOSES.

Statutes affected:
As Introduced: 27-7-22.31
As Passed by the House: 27-7-22.31
Approved by the Governor: 27-7-22.31