MS HB1559

Authorizes employers to claim an income tax credit for payments made to employees to help pay homeowners insurance premiums on principal residences in the coast area, with a maximum credit of $1,000 per employee per year.

Limits the total annual credit to the lesser of aggregate payments made or the employer's tax liability reduced by other allowable credits, with unused portions carrying forward for up to five tax years.

Prohibits employers from deducting payments used for the tax credit from state income tax purposes.

Excludes from employee gross income amounts received from employers for homeowners insurance assistance when a corresponding tax credit is claimed under this act.

Effective January 1, 2012, with the Department of Revenue authorized to issue implementing rules and regulations.