MS SB2956

Allows individual taxpayers whose legal residence is in Hancock, Harrison, Jackson, George, Stone, or Pearl River counties to claim an income tax deduction for costs of retrofitting their residence to increase resistance to hurricane, tornado, or catastrophic windstorm damage.

Deductible costs must be associated with fortification measures designed to increase resistance to weather events, but ordinary repair or replacement of existing items does not qualify.

Properties must be retrofitted to meet 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 standardized codes approved by the Commissioner of Insurance.

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

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