Substantial federal and state tax credits are available for the rehabilitation of qualifying buildings in Mississippi. Some projects are eligible for both state and federal tax credits, and the combined credits can reduce the cost of those projects substantially.
The federal government offers a 20% credit for the rehabilitation of historic structures used for income-producing purposes.
The State of Mississippi offers a 25% credit for the rehabilitation of historic structures used for income-producing purposes. Properties qualifying for the 20% federal preservation tax credit automatically qualify for the state tax credit.