MS HB1567

Authorizes an income tax credit of 50% of costs incurred for purchasing and installing insulation, energy-efficient replacement windows, and high-efficiency heating and cooling equipment, capped at $500 per year.

Limits eligibility to taxpayers with gross income not exceeding $30,000 (or $40,000 for joint filers) on property where homestead exemption is granted.

Restricts the credit to improvements made during calendar years 2010 and 2011 only.

Requires taxpayers to attach homestead exemption tax receipt and supporting documentation of improvements to income tax returns claiming the credit.

Credit cannot exceed the amount of income tax imposed on the taxpayer for the taxable year.