Mississippi Authorizes State HTC at $180 Million through 2030

Thursday, July 9, 2020 - 9:15am

Mississippi Gov. Tate Reeves this week signed into law H.B. 1729, which—among other things—extends the state historic tax credit (HTC) sunset date from 2020 to 2030. H.B. 1729 authorizes the state HTC at an aggregate $180 million and allows a taxpayer to elect to receive a rebate of 75 percent of the credit in lieu of a 10-year-carryforward (previous law allowed a 75 percent credit on the amount beyond $250,000 in that circumstance). Taxpayers who were issued a certificate evidencing they were eligible for the state HTC before July 1, 2020, but who were unable to be awarded the credit due to the aggregate tax credit cap will be given priority for the state HTC after July 1, 2020.