HB390: Historic property income tax credit; revise certain provisions regarding.

Legislative Summary

An Act To Amend Section 27-7-22.31, Mississippi Code Of 1972, Which Authorizes An Income Tax Credit For Costs And Expenses Incurred For The Rehabilitation Of Certain Historic Structures, To Revise The Time During Which A Taxpayer, In Lieu Of Claiming A Tax Credit, May Elect To Claim A Rebate In The Amount Of 75% Of The Amount That Would Be Eligible To Claim As A Credit; To Provide That If A Taxpayer Has Utilized A Tax Credit On An Income Tax Return Prior To Making An Election To Claim A Rebate, Then The Available Rebate Will Be Reduced By The Amount Of Credit Utilized; And For Related Purposes.