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Daily Tax Report: State

Mississippi Extends Tax Credits for Historic Restorations

July 8, 2020, 3:50 PM

Mississippi is extending and expanding several tax credits, including a 25% credit for rehabilitating historic buildings, under legislation signed by Gov. Tate Reeves.

The credit for historic restorations will continue through the end of 2030, with an aggregate cap of $180 million. Louisiana lawmakers have proposed extending a similar 20% tax credit through Jan. 1, 2026.

  • The legislation (H.B. 1729) that Reeves (R) signed late Tuesday also raises the aggregate cap for income tax credits for charitable donations made by businesses. Starting in 2021, the cap goes up to $10 million, from $5 million.
  • The...
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