MS SB2142

Authorizes a 50% income tax credit for costs and expenses incurred in purchasing and installing insulation, energy-efficient replacement windows, and high-efficiency heating and cooling equipment on eligible residential property, limited to $250 per year.

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

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

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

Automatically repeals on January 1, 2013, and becomes effective January 1, 2011.