MS SB3014

Allows a refundable income and/or franchise tax credit equal to 50% of the first $50,000 paid for purchasing and installing solar electric energy systems on residential or commercial property in Mississippi.

Provides an additional 5% tax credit if the solar electric energy system is composed of products made in Mississippi, applied to the same $50,000 cap.

Credit applies to systems installed on or after January 1, 2010, and may be claimed in the taxable year the system is completed and placed in service or when a newly constructed building with an installed system is purchased.

Only one tax credit is allowed per eligible system, and if the credit exceeds the taxpayer's income and/or franchise tax liability after other credits, the Department of Revenue must refund the excess within 90 days.

Taxpayers cannot claim any other state tax credit, exemption, deduction, or tax benefit for property on which they received this solar tax credit, though the credit may be used in addition to federal tax credits.