Mississippi has enacted legislation amending the personal and corporate income tax credit for the costs and expenses incurred for the rehabilitation of certain historic structures and the corporate tax rebate program available to motion picture production companies. Provisions governing property (TAXDAY, 2016/05/18, S.12) and sales and use taxes (TAXDAY, 2016/05/18, S.14) are covered separately.
Historic Structures Credit
The historic structure rehabilitation credit is amended to state that the term “eligible property” does not include a single—family dwelling unless the taxpayer has been issued a credit certificate before July 1, 2016 or the dwelling is designated as a National Historic Landmark under the National Historic Landmarks Program. Further, the amount of awarded credits is now limited to $12 million yearly, combined with certificates of eligible credits issued before July 1, 2016, and a total aggregate limit of $120 million (previously $60 million). Taxpayers who were issued a credit certificate before July 1, 2016, but who were not awarded the credit due to the previous limit on the aggregate amount of credits, can be awarded the credit as long as the award does not cause the aggregate amount of tax credits to exceed the new limits and the taxpayers will be given priority for tax credits awarded after July 1, 2016. Finally, the tax credit is applicable to taxpayers who have been issued a certificate before December 31, 2020, or who have received a determination in writing from the Mississippi Department of Archives and History that the rehabilitation was consistent with the historic character of the property, that the property meets the United States Secretary of the Interior’s standards for rehabilitation and who are issued a certificate on or after December 31, 2020.
Motion Picture Production Rebate
The Motion Picture Incentive Act is amended to give the Department of Revenue until July 1, 2017 (previously July 1, 2016) to approve applications for a rebate.
S.B. 2922, Laws 2016, effective July 1, 2016