MS HB1624

Creates an income tax credit for taxpayers who pay homeowners insurance premiums on their principal residence located in Mississippi's designated "coast area" counties

Credit covers homeowners insurance including flood insurance and wind damage coverage through the Mississippi Windstorm Underwriting Association

Maximum credit limited to $1,000 per taxable year or the taxpayer's remaining tax liability after other credits, whichever is less

Unused credit amounts may be carried forward for up to five subsequent tax years

Effective date of January 1, 2012