MS HB1649

Allows Mississippi income tax deduction for taxpayers whose primary or secondary residence is in the Coastal Area (Hancock, Harrison, Jackson, Stone, and Pearl River Counties) for costs to retrofit homes with hurricane and windstorm-resistant measures.

Deduction limited to costs associated with fortification measures that increase resistance to hurricane, tornado, or catastrophic windstorm damage, excluding ordinary repair or replacement of existing items.

Retrofitting must conform to Fortified Existing Living requirements established by the Institute for Business and Home Safety or other approved mitigation programs, verified through inspection by certified evaluators.

Aggregate deduction capped at the lesser of 50% of retrofitting costs or $6,000 for all taxable years beginning with the 2012 tax year.

Costs purchased with non-taxable grant funds are ineligible for the deduction; the Mississippi Windstorm Mitigation Coordinating Council and Commissioner of Insurance must jointly develop implementing rules and regulations.