House Bill 1296

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.

In the House of Representatives

• John Thomas "Trey" Lamar, III

  Sponsor

• Senate committee amendmentAdopted

  Adopted Mar 16

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

In the House of Representatives Jan 18 – Feb 3

1. Jan 18Referred to the House committee on Ways and Means
2. Jan 27Reported from committee in the House: title sufficient, do pass
3. Feb 3Passed the House

In the Senate Feb 4 – Mar 16

1. Feb 4Sent to the Senate
2. Feb 16Referred to the Senate committee on Finance
3. Mar 11Reported from committee in the Senate: title sufficient, do pass as amended
4. Mar 16Amended in the Senate
5. Passed the Senate as amended

Back in the House of Representatives Mar 17 – Mar 30

1. Mar 17Returned to the House to concur in the Senate's amendments
2. Mar 19Declined in the House to concur, and invited a conference
3. Mar 23Conferees named in the House: Lamar, Steverson and Massengill
4. Mar 24Conferees named in the Senate: Harkins, Johnson and Chassaniol
5. Mar 27Conference report filed in the Senate
6. Conference report filed in the House
7. Mar 28Conference report adopted in the House
8. Conference report adopted in the Senate
9. Mar 30Enrolled bill signed in the House

To the Governor Mar 30 – Apr 16

1. Mar 30Enrolled bill signed in the Senate
2. Apr 16Approved by the Governor