Mississippi Bill Would Extend State HTC by 10 Years, Allow Transfers, Set Statewide Cap

Tuesday, June 2, 2020 - 10:00am

Legislation in Mississippi would make several changes in the state historic tax credit (HTC), including extending the sunset date by 10 years. H.B. 1729 was introduced last week and passed by the House of Representatives. It is now before the state Senate. The bill would extend the sunset date for the state HTC from the end of 2020 to the end of 2030 and would allow single-family dwellings to qualify for the credit. The legislation would also allow a taxpayer to receive a rebate of 75 percent of the credit in lieu of a 10-year carryforward (current law allows a 75 percent credit on the amount beyond $250,000 in that circumstance), permit the sale or transfer of state HTCs, remove the annual statewide cap and set the statewide limit for credits through 2030 at $180 million.