MS HB1629

Allows individual taxpayers residing in Hancock, Harrison, Jackson, George, Stone, or Pearl River counties to deduct costs of retrofitting their primary or secondary residence to increase resistance to hurricane, tornado, or catastrophic windstorm damage from Mississippi state income tax.

Deductible costs must be associated with fortification measures meeting Gold, Silver, or Bronze levels of the Fortified Existing Homes requirements adopted by the Institute for Business and Home Safety, or other approved mitigation programs or construction techniques approved by the Commissioner of Insurance, and cannot include ordinary repair or replacement of existing items.

Property must be certified as conforming to applicable fortification standards by a Fortified for Safe Living Standards (FFSLS) certified inspector or licensed building inspector after inspection.

Maximum annual deduction is limited to the lesser of 50% of actual retrofitting costs incurred or $3,000 per taxable year, beginning with the 2012 tax year.

Costs purchased with available grant funds are ineligible for the deduction if the grants are not included in the taxpayer's income.