MS HB1109

Allows Mississippi taxpayers with primary or secondary residences in Hancock, Harrison, Jackson, Stone, and Pearl River counties to deduct retrofit costs from gross income when calculating state income tax.

Eligible retrofitting measures must meet Fortified Existing Living requirements established by the Institute for Business and Home Safety or other Commissioner of Insurance-approved mitigation programs designed to resist hurricane, tornado, or catastrophic windstorm damage.

Deduction is limited to the lesser of 50% of retrofitting costs or $6,000 total across all taxable years beginning with tax year 2013.

Requires certification by an Institute for Business and Home Safety certified evaluator or other certified/licensed building evaluator as defined by joint rules from the Mississippi Windstorm Mitigation Coordinating Council and Commissioner of Insurance.

Costs purchased with grant funds are ineligible for the deduction unless the grant amounts are included as income to the taxpayer.