Bill Text | History of Actions | Background | Title |
Description: Income taxation; provide tax credit for expenses incurred in rehabilitating certain historic structures.
Bill Text: [Introduced]
| 1 | 02/08 (S) Referred To Finance | |
| 2 | 02/23 (S) Died In Committee |
| Effective date | January 1, 2005 | |
| Disposition | Dead | |
| Deadline | Revenue | |
| Revenue | Yes | |
| Vote type required | Three/Fifths |
Senate Committee:
Principal Author: Gordon
Title: AN ACT TO CREATE THE MISSISSIPPI HISTORIC PRESERVATION TAX CREDIT ACT OF 2005, 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 ALLOW THE TAXPAYER TO TRANSFER, SELL OR ASSIGN SUCH CREDITS; TO PROVIDE THE MANNER IN WHICH SUCH CREDIT MAY BE CLAIMED; AND FOR RELATED PURPOSES.
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2005/html/History/SB/SB3041.htm