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MS HB1558
Bill
Status
Failed
3/28/2012
Primary Sponsor
Jessica Upshaw
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AI Summary
- Establishes an income tax credit for taxpayers whose principal residence is located in counties within the Coast area as defined in Section 83-34-1
- Credit amount equals costs incurred under homeowners insurance deductibles due to losses from named storms, but cannot exceed the taxpayer's total income tax liability minus other allowable credits
- Allows unused portions of the credit to be carried forward for up to five succeeding taxable years
- Applies to homeowners insurance covering principal residences, including wind damage coverage through the Mississippi Windstorm Underwriting Association
- Effective January 1, 2012
Legislative Description
Income tax; authorize a credit for costs incurred under a homeowners deductible due to loss incurred from a named storm.
Last Action
Died In Committee
3/28/2012
Full Bill Text
No bill text available