2011
Regular Session
Historic property tax credit; allow refund of excess amount of credit.
AN ACT TO AMEND SECTION 27-7-22.31, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT IF THE AMOUNT OF THE INCOME TAX CREDIT ALLOWED FOR COSTS AND EXPENSES INCURRED IN THE REHABILITATION OF CERTIFIED HISTORIC STRUCTURES EXCEEDS THE TAXPAYER'S TAX LIABILITY FOR THE YEAR AND THE AMOUNT OF THE TAX CREDIT ESTABLISHED BY THIS SECTION EXCEEDS $250,000.00, THE TAXPAYER MAY ELECT TO CLAIM A REFUND IN THE AMOUNT OF 75% OF THE EXCESS CREDIT IN LIEU OF THE TEN-YEAR CARRYFORWARD; TO PROVIDE THAT THE ELECTION MUST BE MADE IN THE YEAR IN WHICH THE REHABILITATED PROPERTY IS PLACED IN SERVICE; TO PROVIDE THAT REFUNDS WILL BE PAID IN EQUAL INSTALLMENTS OVER A TWO-YEAR PERIOD AND SHALL BE MADE FROM CURRENT COLLECTIONS; TO LIMIT TO $60,000,000.00 THE AGGREGATE AMOUNT OF CREDITS THAT MAY BE AWARDED UNDER THIS SECTION; TO PROVIDE THAT THIS SECTION SHALL APPLY TO TAXPAYERS WHO HAVE BEEN ISSUED A CERTIFICATE EVIDENCING THE ELIGIBLE CREDIT BEFORE DECEMBER 31, 2014, OR WHO, BEFORE DECEMBER 31, 2014, 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 U.S. SECRETARY OF INTERIOR'S STANDARDS FOR REHABILITATION, AND WHO ARE ISSUED A CERTIFICATE EVIDENCING THE ELIGIBLE CREDIT ON OR AFTER DECEMBER 31, 2014; AND FOR RELATED PURPOSES.
05/06/11 at 13:41
H
B
1311
House Bill 1311
HB 1311
H
Law
General Bill/Constitutional Amendment
No
Three/Fifths
January 1, 2011
477
Ways and Means
F
../../House_cmtes/WM.xml
Finance
F
../../Senate_cmtes/FI.xml
Watson
../../House_authors/Watson.xml
Barker
../../House_authors/Barker.xml
Clark
../../House_authors/Clark.xml
Scott
../../House_authors/Scott.xml
Clarke
../../House_authors/Clarke.xml
A
../../code_sections/027/00070022_31.xml
1
01/17 (H) Referred To Ways and Means
2
01/26 (H) Title Suff Do Pass Comm Sub
3
02/09 (H) Committee Substitute Adopted
4
02/09 (H) Passed
../../../../2011/pdf/votes/house/0370008.pdf
5
02/11 (H) Transmitted To Senate
6
02/15 (S) Referred To Finance
7
03/01 (S) Title Suff Do Pass As Amended
8
03/09 (S) Amended
9
03/09 (S) Passed As Amended
../../../../2011/pdf/votes/senate/0650010.pdf
10
03/10 (S) Returned For Concurrence
11
03/17 (H) Concurred in Amend From Senate
../../../../2011/pdf/votes/house/0730002.pdf
12
03/23 (H) Enrolled Bill Signed
13
03/24 (S) Enrolled Bill Signed
14
03/30 Approved by Governor
../../../../documents/2011/pdf/HB/1300-1399/HB1311SG.pdf
../../../../documents/2011/html/HB/1300-1399/HB1311SG.htm
../../../../documents/2011/pdf/HB/1300-1399/HB1311IN.pdf
../../../../documents/2011/html/HB/1300-1399/HB1311IN.htm
../../../../documents/2011/pdf/HB/1300-1399/HB1311CS.pdf
../../../../documents/2011/html/HB/1300-1399/HB1311CS.htm
../../../../documents/2011/pdf/HB/1300-1399/HB1311PS.pdf
../../../../documents/2011/html/HB/1300-1399/HB1311PS.htm
../../../../documents/2011/pdf/HB/1300-1399/HB1311SG.pdf
../../../../documents/2011/html/HB/1300-1399/HB1311SG.htm
Amendment Report for House Bill No. 1311
../../../../documents/2011/pdf/sam/Amendment_Report_for_HB1311.pdf
../../../../../documents/2011/html/sam/Amendment_Report_for_HB1311.htm
Committee Amendment No 1
Adopted
../../../../documents/2011/pdf/sam/HB1311_S_Cmte_Amend_01.pdf
../../../../../documents/2011/html/sam/HB1311_S_Cmte_Amend_01.htm
Voice Vote
Amendment No 1 to Committee Amendment No 1
Lost
../../../../documents/2011/pdf/sam/HB1311_S_Amend_01_to_Cmte_Amend_01.pdf
../../../../../documents/2011/html/sam/HB1311_S_Amend_01_to_Cmte_Amend_01.htm
Voice Vote
Amendment No 2 to Committee Amendment No 1
Adopted
../../../../documents/2011/pdf/sam/HB1311_S_Amend_02_to_Cmte_Amend_01.pdf
../../../../../documents/2011/html/sam/HB1311_S_Amend_02_to_Cmte_Amend_01.htm
Voice Vote