Mississippi Legislature Sends Bill Reinstating Rebate Provision for HTC to Governor

Tuesday, April 6, 2021 - 10:30am

The Mississippi Legislature approved legislation reinstating the refundability of the state historic tax credit (HTC), sending the bill to the desk of Gov. Tate Reeves. H.B. 1296 would allow a rebate of up to 75% of the state HTC if the amount of the credit exceeds the taxpayer’s tax liability. The statewide cap for refunds would be $12 million for projects with qualified rehabilitation expenses (QREs) of less than $1.75 million and $12 million for projects with QREs of $1.75 million or more. Mississippi’s HTC is for 25% of QREs and was extended last summer through 2030, although a previous provision that allowed the rebate was removed.

Learn more about the HTC, including how state credits interact with the federal HTC in the Novogradac Historic Rehabilitation Handbook.