MS HB1405

Allows an income tax credit of 50% of costs for purchasing and installing insulation, energy-efficient replacement windows, and high-efficiency heating/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 with homestead exemption in Mississippi.

Applies only to improvements made during calendar years 2011 and 2012.

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

Becomes effective January 1, 2011.