Mississippi Legislature
2006 Regular Session

House Bill 574

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Bill Text

History of Actions

Background

Title

Description: Income tax; provide tax credit for expenses incurred in rehabilitating certain historic structures.

Bill Text: [Introduced]

History of Actions:

1 01/10 (H) Referred To Ways and Means
2 02/22 (H) Died In Committee

Background Information:

Effective dateJanuary 1, 2006
DispositionDead
DeadlineRevenue
RevenueYes
Vote type requiredThree/Fifths

House Committee:

Principal Author: Reeves

Title: AN ACT TO AUTHORIZE AN INCOME TAX CREDIT FOR TAXPAYERS WHO INCUR COSTS AND EXPENSES FOR THE REHABILITATION OF ELIGIBLE PROPERTY WHICH IS A CERTIFIED HISTORIC STRUCTURE OR A STRUCTURE IN A CERTIFIED HISTORIC DISTRICT IN AN AMOUNT EQUAL TO 25% OF THE TOTAL COSTS AND EXPENSES OF REHABILITATION INCURRED, IF THE COSTS AND EXPENSES ASSOCIATED WITH REHABILITATION EXCEED 50% OF THE TOTAL BASIS IN THE PROPERTY AND THE REHABILITATION IS CONSISTENT WITH THE STANDARDS OF THE SECRETARY OF THE UNITED STATES DEPARTMENT OF THE INTERIOR AS DETERMINED BY THE MISSISSIPPI DEPARTMENT OF ARCHIVES AND HISTORY; 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 TO EACH OF THE THREE TAX YEARS PRECEDING THE TAX YEAR IN WHICH THE ORIGINAL CREDIT IS CLAIMED AND CARRIED FORWARD FOR THE TEN SUCCEEDING TAX YEARS; TO PROVIDE THE MANNER IN WHICH SUCH CREDIT MAY BE CLAIMED; TO PROVIDE FOR THE MISSISSIPPI DEVELOPMENT AUTHORITY TO DETERMINE THE AMOUNT OF THE ELIGIBLE TAX CREDIT, CONSISTENT WITH THE STANDARDS OF THE SECRETARY OF THE UNITED STATES DEPARTMENT OF THE INTERIOR; TO REQUIRE THAT THE EXPENDITURES HAVE A POSITIVE ECONOMIC, FISCAL OR TAX IMPACT ON THE STATE OR LOCAL GOVERNMENTS; TO PROVIDE FOR A DECEMBER 31, 2011, REPEAL DATE ON THE INCOME TAX CREDIT AUTHORIZED UNDER THIS ACT; AND FOR RELATED PURPOSES.


Information pertaining to this measure was last updated on 02/22/06 at 18:37.

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