MS HB1419

Allows an income tax credit for taxpayers who purchase and install wind energy systems, solar energy systems, or both in their primary residence or rental properties used for dwelling purposes.

Credit amount is limited to 50% of the first $25,000 in costs, or the taxpayer's tax liability for the year (whichever is less), minus other allowable credits.

Unused portions of the credit can be carried forward for up to five succeeding tax years.

Wind energy system defined as apparatus converting wind energy into mechanical or electrical energy; solar energy system defined as apparatus converting sunlight into electricity or heat for space heating, cooling, or water heating.

Effective date is January 1, 2011, with the Department of Revenue authorized to promulgate necessary rules and regulations for implementation.