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]
| 1 | 01/26 (S) Referred To Finance | |
| 2 | 02/22 (S) Died In Committee |
| Effective date | January 1, 2006 | |
| Disposition | Dead | |
| Deadline | Revenue | |
| Revenue | Yes | |
| Vote type required | Three/Fifths |
Senate Committee:
Principal Author: Chaney
Title: AN ACT TO AUTHORIZE AN INCOME TAX CREDIT FOR TAXPAYERS WHO INCUR COSTS AND EXPENSES FOR THE REHABILITATION OF CERTAIN ELIGIBLE HISTORIC PROPERTY 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 THAT THE MISSISSIPPI DEVELOPMENT AUTHORITY SHALL DETERMINE THE AMOUNT OF ELIGIBLE REHABILITATION COSTS AND EXPENSES AND WHETHER THE REHABILITATION IS CONSISTENT WITH THE STANDARDS OF THE SECRETARY OF THE UNITED STATES DEPARTMENT OF THE INTERIOR; TO PROVIDE THAT IF THE MISSISSIPPI DEVELOPMENT AUTHORITY MAKES A DETERMINATION THAT THE EXPENDITURE OF ELIGIBLE REHABILITATION COSTS HAS A POSITIVE ECONOMIC, FISCAL OR TAX IMPACT, EITHER DIRECT OR INDIRECT, THE MISSISSIPPI DEVELOPMENT AUTHORITY SHALL ISSUE A CERTIFICATE EVIDENCING THE ELIGIBLE CREDIT IF THE TAXPAYER IS FOUND TO BE ELIGIBLE FOR THE TAX CREDIT; AND FOR RELATED PURPOSES.
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2006/pdf/History/SB/SB2993.htm