House Bill 1372

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 INCLUDE IN THE DEFINITION OF THE TERM "CERTIFIED HISTORIC STRUCTURE" PROPERTY THAT HAS BEEN DETERMINED ELIGIBLE FOR THE NATIONAL REGISTER OF HISTORIC PLACES BY THE SECRETARY OF THE UNITED STATES DEPARTMENT OF THE INTERIOR AND WILL BE LISTED WITHIN 30 MONTHS OF CLAIMING THE CREDIT; TO EXPAND THE TYPES OF STRUCTURES THAT ARE INCLUDED IN THE TERM "STRUCTURE IN A CERTIFIED HISTORIC DISTRICT"; TO AUTHORIZE TAXPAYERS TO CLAIM THE CREDIT IN PHASES IF CERTAIN CONDITIONS ARE MET; TO PROVIDE THAT IF THE AMOUNT OF THE TAX CREDIT EXCEEDS THE TOTAL STATE INCOME TAX LIABILITY FOR THE YEAR IN WHICH THE REHABILITATED PROPERTY IS PLACED IN SERVICE, THE AMOUNT THAT EXCEEDS THE TOTAL STATE INCOME TAX LIABILITY MAY BE CARRIED BACK FOR ONE TAX YEAR AND TO EXTEND THE PERIOD OF TIME THAT SUCH CREDIT MAY BE CARRIED FORWARD FROM 10 SUCCEEDING TAX YEARS TO 20 SUCCEEDING TAX YEARS; TO AUTHORIZE THE TRANSFER, SALE OR ASSIGNMENT OF SUCH INCOME TAX CREDITS; TO PROVIDE THAT THE CREDIT SHALL APPLY TO TAXPAYERS WHO HAVE BEEN ISSUED A CERTIFICATE EVIDENCING THE ELIGIBLE CREDIT BEFORE DECEMBER 31, 2024, OR WHO, BEFORE DECEMBER 31, 2024, HAVE RECEIVED A DETERMINATION IN WRITING FROM THE MISSISSIPPI DEPARTMENT OF ARCHIVES AND HISTORY, THAT THE REHABILITATION IS CONSISTENT WITH THE HISTORIC CHARACTER OF THE PROPERTY AND THAT THE PROPERTY MEETS THE UNITED STATES SECRETARY OF THE INTERIOR'S STANDARDS FOR REHABILITATION AND WHO ARE ISSUED A CERTIFICATE EVIDENCING THE ELIGIBLE CREDIT ON OR AFTER DECEMBER 31, 2024; AND FOR RELATED PURPOSES.

In the House of Representatives

• Jeffrey C. Smith

  Sponsor

l9n doesn't hold this bill's text yet.

In the House of Representatives Feb 20 – Mar 6

1. Feb 20Referred to the House committee on Ways and Means
2. Mar 6Died in committee in the House