§ 27-7-22.21. Income tax credit for donations of land or interest in
land considered priority site for conservation under Mississippi Natural
Heritage Program or adjacent to and along a stream fully nominated to
Mississippi Scenic Streams Stewardship Program. |
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(1) As used in this section, the following words and phrases shall
have the following meanings, unless the context clearly indicates
otherwise: |
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(a) "Eligible land" means nonindustrial private lands in the
state that are adjacent to and along a stream which is fully nominated to the
Mississippi Scenic Streams Stewardship Program, or nonindustrial private
lands in the state which are considered to be priority sites for conservation
under the Mississippi Natural Heritage Program. |
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(b) "Eligible owner" means a private individual, group or
association other than a private corporation, or any subsidiary thereof,
which manufactures products or provides public utility services of any
type. |
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(c) "Interest in land" means any right in real property,
including access thereto or improvements thereon, or water, including, but
not limited to, a fee simple easement, a conservation easement, provided such
interest complies with the requirements of the United States Internal Revenue
Code Section 170(h), partial interest, mineral right, remainder or future
interest, or other interest or right in real property. |
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(d) "Land" or "lands" means real property, with or
without improvements thereon, rights-of-way, water and riparian rights,
easements, privileges and all other rights or interests of any land or
description in, relating to, or connected with real property. |
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(e) "Allowable transaction costs" mean the costs of the
appraisal of the lands or interests in lands, including conservation
easements, that are being donated, of the baseline survey of the natural
features, animals and plants present on the site, of engineering and
surveying fees, of maintenance fees, of monitoring fees and of legal fees,
including the costs of document preparation, title review and title
insurance. |
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(f) "Specified conservation purposes" mean the preservation of
stream bank habitats and the stability of stream banks, or the protection of
land necessary because of high biodiversity significance or high protection
urgency due to the presence of exemplary natural communities or species of
special concern, including threatened or endangered species. |
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(2) For the taxable years beginning on or after January 1, 2003, for
any income taxpayer who is an eligible owner, a credit against the taxes
imposed by this chapter shall be allowed in the amounts provided in this
section upon the donation of land or an interest in land for specified
conservation purposes. |
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(3) The credit provided for in this section shall be fifty percent
(50%) of the allowable transaction costs involved in the donation for the tax
year in which the allowable transaction costs occur. The aggregate amount of
the credit provided in this section for allowable transaction costs shall not
exceed the lesser of Ten Thousand Dollars ($10,000.00) or the amount of tax
imposed upon the taxpayer for the taxable year reduced by the sum of all
other credits allowable to such taxpayer under this chapter, except credit
for tax payments made by or on behalf of the taxpayer. Any unused portion of
the credit may be carried forward for ten (10) succeeding tax years. The
maximum dollar amount of the credit provided for in this section that an
eligible owner may utilize during his lifetime shall be Ten Thousand Dollars
($10,000.00) in the aggregate. |
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(4) To be eligible for the credit provided for in this section, an
eligible owner must demonstrate that the donation qualifies as a conservation
contribution under Section 170(h) of the United States Internal Revenue Code
of 1986, by means of being a donation in perpetuity, for conservation
purposes and made to a qualified holder or donee. A letter from the donee
indicating acceptance and a completed copy of the appropriate United States
Internal Revenue Service form shall constitute proof of acceptance. The
eligible owner also must submit any other documentation that the State Tax
Commission may require. |
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Sources: Laws, 2003, ch. 453, § 1, eff
from and after Jan. 1, 2003. |
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