MS SB2115

Allows a 10% income tax credit for qualified energy efficiency improvements to residential homes, capped at $500 lifetime per taxpayer, with a separate $200 cap for exterior windows and skylights.

Provides income tax credits for installation of qualified energy property (heat pumps, furnaces, water heaters, air conditioning) with individual caps ranging from $50 to $300 per item.

Authorizes a 50% income tax credit for 50% of the first $25,000 spent on wind or solar energy system installation in homes or business/commercial properties, with unused credits carried forward up to 5 years.

Exempts from ad valorem property taxation the value added to property by installation of wind or solar energy systems that qualify for the tax credit.

Effective date January 1, 2011.