MS HB1513

Authorizes a 10% income tax credit for costs of qualified energy efficiency improvements (insulation, windows, doors, metal roofs) installed in Mississippi homes, with a lifetime cap of $500.

Allows income tax credits for residential energy property expenditures (heat pumps, furnaces, water heaters, air conditioning) with individual limits ranging from $50 to $300 per item.

Provides a 50% income tax credit on the first $25,000 paid for installation of wind or solar energy systems in homes or business/commercial property, with unused credits carrying forward up to 5 years.

Exempts the added property value from wind and solar energy systems from ad valorem (property) taxation.

Effective date is January 1, 2012.