MISSISSIPPI LEGISLATURE

1998 Regular Session

To: Ways and Means

By: Representative Flaggs

AN ACT TO PROVIDE AN INCOME TAX CREDIT TO TAXPAYERS FOR A PORTION OF THE AD VALOREM TAXES PAID ON CERTAIN PROPERTY LISTED ON THE NATIONAL REGISTER OF HISTORIC PLACES, DESIGNATED AS A MISSISSIPPI LANDMARK UNDER THE ANTIQUITIES LAW OF MISSISSIPPI, OR LISTED AS A LANDMARK OR HISTORICAL PLACE BY A LOCAL HISTORICAL DISTRICT; TO LIMIT THE AMOUNT OF SUCH TAX CREDIT; TO PROVIDE THAT A TAXPAYER MUST PROVIDE CERTAIN INFORMATION TO THE STATE TAX COMMISSION IN ORDER TO RECEIVE SUCH TAX CREDIT; AND FOR RELATED PURPOSES. 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. (1) Any taxpayer who pays to a county, municipality, school district, levee district or any other taxing authority of the state or a political subdivision thereof, ad valorem taxes imposed on a historic structure shall be allowed a credit in the amount authorized in subsection (2) of this section against the income taxes imposed upon the taxpayer under this chapter. For purposes of this section, "historic structure" means any property listed on the National Register of Historic Places, designated as a Mississippi landmark under the Antiquities Law of Mississippi in Sections 39-7-1 through 39-7-41, or listed as a landmark or historical place by a local historical district, which property is open for tour by the general public at least one hundred eighty (180) days per year or open for overnight room rental by guests for at least one hundred eighty (180) days per year.

(2) The income tax credit provided in subsection (1) of this section shall not exceed fifty percent (50%) of the amount of income taxes due the State of Mississippi that are attributable to such historic structure. The tax credit may be claimed for each location where any such historic structure is found and upon which the ad valorem taxes have been paid. Any unused portion of the credit may be carried forward for the next five (5) succeeding tax years.

(3) Any amount of ad valorem taxes paid by a taxpayer that is applied toward the tax credit allowed in this section may not be used as a deduction by the taxpayer for state income tax purposes. In the case of a taxpayer that is a partnership or S corporation, the credit may be applied only to the tax attributable to partnership or S corporation income derived from the taxpayer.

(4) To obtain the tax credit provided in this section, a taxpayer must provide to the State Tax Commission proof of the amount of ad valorem taxes by the taxpayer for which a credit is claimed and any other information required by the State Tax Commission.

(5) This section shall be repealed from and after January 1, 2003.

SECTION 2. Section 1 of this act shall be codified in Chapter 7, Title 27, Mississippi Code of 1972.

SECTION 3. Nothing in this act shall affect or defeat any claim, assessment, appeal, suit, right or cause of action for taxes due or accrued under the income tax laws before the date on which this act becomes effective, whether such claims, assessments, appeals, suits or actions have been begun before the date on which this act becomes effective or are begun thereafter; and the provisions of the income tax laws are expressly continued in full force, effect and operation for the purpose of the assessment, collection and enrollment of liens for any taxes due or accrued and the execution of any warrant under such laws before the date on which this act becomes effective, and for the imposition of any penalties, forfeitures or claims for failure to comply with such laws.

SECTION 4. This act shall take effect and be in force from and after January 1, 1998.