H. B. No. 634
*HR40/R862*
R3/511/HR40/R862PAGE 1
(BS\BD)
To: Ways and Means
MISSISSIPPI LEGISLATURE REGULAR SESSION 2011 By: Representative Watson HOUSE BILL NO. 634 AN ACT TO AMEND SECTION 27-7-22.31, MISSISSIPPI CODE OF 1972,1TO AUTHORIZE THE INCOME TAX CREDIT ALLOWED FOR COSTS AND EXPENSES2INCURRED IN THE REHABILITATION OF CERTIFIED HISTORIC STRUCTURES TO3BE UTILIZED BY A TAXPAYER AGAINST HIS CORPORATION FRANCHISE TAX4LIABILITY AND INSURANCE PREMIUM TAX LIABILITY AS WELL AS INCOME5TAX LIABILITY; TO PROVIDE THAT IF THE AMOUNT OF THE CREDIT EXCEEDS6THE TAXPAYER'S TAX LIABILITY FOR THE YEAR, THE TAXPAYER MAY CLAIM7A REFUND IN THE AMOUNT OF 90% OF THE EXCESS TO BE PAID FROM8CURRENT TAX COLLECTIONS; TO EXTEND THE REPEAL DATE ON THIS SECTION9UNTIL DECEMBER 31, 2014; AND FOR RELATED PURPOSES.10BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:11
SECTION 1.
Section 27-7-22.31, Mississippi Code of 1972, is12amended as follows:1327-7-22.31. (1) As used in this section:14(a) "Certified historic structure" means a property15located in Mississippi and listed individually on the National16Register of Historic Places or property that has been designated a17Mississippi Landmark by the Department of Archives and History18pursuant to Section 39-7-3 et seq.19(b) "Eligible property" means property located in20Mississippi and offered or used for residential or business21purposes.22(c) "Structure in a certified historic district" means23a structure (and its structural components) located in Mississippi24which is:25(i) Is listed in the National Register of Historic26Places; or27(ii) Is located in a registered historic district28listed on the National Register of Historic Places and is29
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certified by the Secretary of the United States Department of the30Interior as being of historic significance to the district; or31(iii) Certified by the Mississippi Department of32Archives and History as contributing to the historic significance33of a certified historic district listed on the National Register34of Historic Places or a local district that has been certified by35the United States Department of the Interior.36(d) "Department" means the Department of Archives and37History.38(2) Any taxpayer incurring costs and expenses for the39rehabilitation of eligible property, which is a certified historic40structure or a structure in a certified historic district, shall41be entitled to a credit against the taxes imposed pursuant to this42chapter and by Sections 27-13-5, 27-13-7, 23-15-103, 27-15-109 and4327-15-121, in an amount equal to twenty-five percent (25%) of the44total costs and expenses of rehabilitation incurred after January451, 2006, which shall include, but not be limited to, qualified46rehabilitation expenditures as defined under Section 47(c)(2)(A)47of the Internal Revenue Code of 1986, as amended, and the related48regulations thereunder:49(a) If the costs and expenses associated with50rehabilitation exceed:51(i) Five Thousand Dollars ($5,000.00) in the case52of an owner-occupied dwelling; or53(ii) Fifty percent (50%) of the total basis in the54property in the case of all other properties; and55(b) The rehabilitation is consistent with the standards56of the Secretary of the United States Department of the Interior57as determined by the department.58(3) (a) (i) If the amount of the tax credit established by59this section exceeds the total
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tax liability imposed by this60chapter and by Sections 27-13-5, 27-13-7, 23-15-103, 27-15-109 and6127-15-121 for the year in which the rehabilitated property is62
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placed in service, the amount that exceeds the total
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tax63liability may be carried forward for the ten (10) succeeding tax64years or the taxpayer may claim a refund in the amount of ninety65percent (90%) of the excess.66(ii) The taxpayer may claim a refund for the67excess tax credit in the year in which the rehabilitated property68is placed in service or in any subsequent year to which the tax69credit is carried forward.70(iii) Refund requests shall be submitted to the71Department of Revenue on forms prescribed by the Department of72Revenue. Refunds shall be made from current tax collections.73(b) Not-for-profit entities, including, but not limited74to, nonprofit corporations organized under Section 79-11-101 et75seq. shall be ineligible for the credit authorized by this76section. Credits granted to a partnership, a limited liability77company taxed as a partnership or multiple owners of property78shall be passed through to the partners, members or owners on a79pro rata basis or pursuant to an executed agreement among the80partners, members or owners documenting an alternative81distribution method.82(4) To claim the credit authorized pursuant to this section,83the taxpayer shall apply to the department which shall determine84the amount of eligible rehabilitation costs and expenses and85whether the rehabilitation is consistent with the standards of the86Secretary of the United States Department of the Interior. The87department shall issue a certificate evidencing the eligible88credit if the taxpayer is found to be eligible for the tax credit.89The taxpayer shall attach the certificate to all income tax90returns on which the credit is claimed.91(5) (a) The board of trustees of the department shall92establish fees to be charged for the services performed by the93department under this section and shall publish the fee schedule.94The fees contained in the schedule shall be in amounts reasonably95
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