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MS HB1638
Bill
Status
Failed
4/17/2012
Primary Sponsor
Mark Formby
Click for details
AI Summary
- Allows a refundable income and/or franchise tax credit equal to 50% of the first $50,000 in costs for purchasing and installing solar electric energy systems on residential or commercial property in Mississippi
- Credit applies to systems installed on or after January 1, 2010, and may be claimed during the taxable year the system is completed and placed in service
- Credit can be claimed only once per system; if property or system is sold, the original claimant must disclose the credit use to the purchaser who cannot claim it again
- If the credit exceeds the taxpayer's state income and/or franchise tax liability for the year (after other credits), the Department of Revenue must issue a refund within 90 days
- Taxpayers cannot receive any other state tax credit, exemption, deduction, or tax benefit for property on which they claim this solar credit; credit can be used in addition to federal tax credits
Legislative Description
Income and franchise tax; allow refundable credit for costs of purchasing and installing a solar electric energy system.
Last Action
Died In Committee
4/17/2012
Full Bill Text
No bill text available