HB1201: Income tax and ad valorem tax; create incentives for developers to improve tax forfeited, blighted properties in MS.

Legislative Summary

An Act To Require The Secretary Of State, In Conjunction With The Department Of Revenue, To Establish A Program To Provide An Income Tax Credit For Taxpayers Who Develop Blighted Property In Mississippi For The Purpose Of Placing The Property Into Use Either As An Owner-occupied Dwelling Or Commercial Building; To Create An Application Process For Taxpayers Who Desire To Participate In The Program; To Authorize A Refundable Income Tax Credit For Taxpayers Who Incur Costs For The Development Of Property Under This Act; To Establish The Amount Of The Tax Credit; To Provide That If The Amount Of The Tax Credit Claimed By A Taxpayer Exceeds The Amount Of Income Tax Liability Of The Taxpayer For A Taxable Year, The Taxpayer Is Eligible To Carry The Excess Credit Forward For Ten Years; To Require The Secretary Of State, In Conjunction With The Department Of Revenue, To Establish A Program To Provide Incentive Payments For Developers To Develop Blighted Property In Mississippi In Order To Place The Property Into Use And Increase The Value Of The Property; To Define Certain Terms; To Create An Application Process For Developers Who Desire To Participate In The Incentive Program; To Provide That When Property Is Developed According To A Development Plan And Placed Into Use, The Municipal Or Chancery Clerk Shall Remit To The Secretary Of State Certain Revenue Derived From The Applicable Municipal Or County Ad Valorem Tax; To Require The Secretary Of State To Deposit The Remitted Amounts Into A Special Fund And Expend Monies In The Fund, Upon Appropriation By The Legislature, To Provide Incentive Payments To The Developers; To Prescribe The Amount Of The Incentive Payments And Period Of Time That Incentive Payments Will Be Made To Developers; And For Related Purposes.