MS SB2663 | 2019 | Regular Session

Status

Completed Legislative Action
Spectrum: Partisan Bill (Democrat 1-0)
Status: Failed on February 27 2019 - 100% progression
Action: 2019-02-27 - Died In Committee
Text: Latest bill text (Introduced) [HTML]

Summary

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 Term "eligible Property"; To Remove The Provision That Authorizes The Taxpayer To Elect To Receive A 75% Rebate On The Amount Of The Credit In Excess Of $250,000.00 In Lieu Of The Ten-year Carryforward So As To Allow The Taxpayer To Elect To Receive A Rebate On 75% Of The Total Amount Of The Credit In Lieu Of The Ten-year Carryforward; To Increase By $60,000,000.00 The Maximum Aggregate Amount Of Tax Credits That May Be Awarded Under This Section And To Remove The Limitation On The Amount Of Credits That May Be Awarded In Any One State Fiscal Year; To Grant Priority For The Tax Credit To Taxpayers Who Were Issued A Certificate Evidencing The Eligible Credit Prior To July 1, 2019; To Provide That The Tax Credit Shall Apply To Taxpayers Who Have Been Issued A Certificate Evidencing The Eligible Credit Before December 31, 2029, Or Who, Before December 31, 2029, 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, 2029; And For Related Purposes.

Tracking Information

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Title

Historic property tax credit; expand eligibility of single-family dwelling and increase amount of credits that may be issued.

Sponsors


History

DateChamberAction
2019-02-27SenateDied In Committee
2019-01-21SenateReferred To Finance

Mississippi State Sources


Bill Comments

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