Mississippi State Historic Preservation Tax Credit Statement of Intent - Mississippi

Mississippi State Historic Preservation Tax Credit Statement of Intent - Mississippi

Mississippi State Historic Preservation Tax Credit Statement of Intent is a legal document that was released by the Mississippi Department of Archives and History - a government authority operating within Mississippi.

FAQ

Q: What is the Mississippi State Historic Preservation Tax Credit?
A: The Mississippi State Historic Preservation Tax Credit is a program that provides tax incentives for the rehabilitation of historic buildings in Mississippi.

Q: Who is eligible for the Mississippi State Historic Preservation Tax Credit?
A: Property owners and developers who are rehabilitating historic buildings in Mississippi are eligible for the tax credit.

Q: What types of buildings are eligible for the tax credit?
A: Historic buildings that are listed on the National Register of Historic Places or located in a Certified Local Government are eligible for the tax credit.

Q: How much is the tax credit?
A: The tax credit is equal to 25% of the qualified rehabilitation expenses, up to a maximum credit of $60,000 per project.

Q: What are qualified rehabilitation expenses?
A: Qualified rehabilitation expenses include costs directly related to the rehabilitation of the historic building, such as construction, architectural fees, and engineering fees.

Q: How can I apply for the Mississippi State Historic Preservation Tax Credit?
A: To apply for the tax credit, you must submit a Statement of Intent to the Mississippi Department of Archives and History before beginning the rehabilitation project.

Q: Is there a deadline for applying for the tax credit?
A: There is no specific deadline for applying, but it is recommended to submit the Statement of Intent as early as possible to ensure eligibility.

Q: What happens after the Statement of Intent is approved?
A: Once the Statement of Intent is approved, you can proceed with the rehabilitation project. After the project is completed, you will need to submit a Final Certification of Completed Work to receive the tax credit.

Q: Can the tax credit be transferred or sold?
A: Yes, the tax credit can be transferred or sold to another taxpayer.

Q: Are there any restrictions on the use of the tax credit?
A: The tax credit can only be used to offset Mississippi state income tax liability, and any unused credit can be carried forward for up to five years.

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Form Details:

  • Released on July 1, 2021;
  • The latest edition currently provided by the Mississippi Department of Archives and History;
  • Ready to use and print;
  • Easy to customize;
  • Compatible with most PDF-viewing applications;

Download a fillable version of the form by clicking the link below or browse more documents and templates provided by the Mississippi Department of Archives and History.

Download Mississippi State Historic Preservation Tax Credit Statement of Intent - Mississippi

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