MS HB1647

Authorizes a $1,500 income tax credit for costs incurred in purchasing and installing solar water heater systems in primary residences or rental properties used for dwelling purposes.

Unused portions of the credit may be carried forward for up to five successive tax years.

Credit is claimed in the year the system is placed in service, or in the year a newly constructed property with the system already installed is purchased.

Defines "solar water heater system" as an energy system that collects sunlight for conversion into heat for water or swimming pool heating purposes.

Effective date is January 1, 2012, with the Department of Revenue responsible for implementing administrative rules and regulations.