Bill Text | History of Actions | Background | Title |
Description: Income taxation; provide a tax credit for expenses incurred in rehabilitating certain historic structures.
Bill Text: [Introduced] [Passed Senate] [Sent to Governor]
| 1 | 02/14 (S) Referred To Finance | |
| 2 | 02/22 (S) Title Suff Do Pass | |
| 3 | 02/22 (S) Passed | |
| 4 | 02/23 (S) Transmitted To House | |
| 5 | 02/23 (H) Referred To Ways and Means | |
| 6 | 02/28 (H) Title Suff Do Pass | |
| 7 | 03/01 (H) Passed | |
| 8 | 03/02 (H) Transmitted To Senate | |
| 9 | 03/07 (S) Enrolled Bill Signed | |
| 10 | 03/08 (H) Enrolled Bill Signed | |
| 11 | 03/15 Approved by Governor |
| Effective date | January 1, 2006 | |
| Disposition | Law | |
| Deadline | Revenue | |
| Revenue | Yes | |
| Vote type required | Three/Fifths | |
| Chapter number | 420 |
Senate Committee:
House Committee:
Principal Author: Robertson
Additional Authors: Butler, Dearing, Gordon, Harden, Horhn, Jackson (32nd), King, Morgan, Thomas
Code Section: A 027-0104-0027
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 $5,000.00 IN THE CASE OF AN OWNER-OCCUPIED DWELLING AND 50% OF THE TOTAL BASIS IN THE PROPERTY IN THE CASE OF ALL OTHER PROPERTY, IF 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 FORWARD FOR THE 10 SUCCEEDING TAX YEARS; TO PROVIDE THE MANNER IN WHICH SUCH CREDIT MAY BE CLAIMED; TO REQUIRE THE DEPARTMENT OF ARCHIVES AND HISTORY TO DETERMINE THE AMOUNT OF THE ELIGIBLE TAX CREDIT; TO AUTHORIZE THE DEPARTMENT OF ARCHIVES AND HISTORY TO IMPOSE A FEE ON PERSONS WHO APPLY FOR THE CREDIT TO PAY THE COSTS THE DEPARTMENT INCURS IN ADMINISTERING THIS ACT; TO PROVIDE FOR A DECEMBER 31, 2011, REPEAL DATE ON THE INCOME TAX CREDIT AUTHORIZED UNDER THIS ACT; TO AMEND SECTION 27-104-27, MISSISSIPPI CODE OF 1972, IN CONFORMITY THERETO; AND FOR RELATED PURPOSES.
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2006/html/History/SB/SB3067.htm