MS HB1332

Allows individual taxpayers an income tax credit for home security expenses paid on their primary residence.

Defines "home security expenses" to include costs of installing and maintaining electronic or computerized alarm systems, and membership fees for homeowners' associations that enhance neighborhood security or employ professional security services.

Credit amount equals actual home security expenses up to the lesser of $2,000 or the taxpayer's income tax liability minus all other allowable credits (excluding tax payment credits).

Married individuals filing separately may each claim up to one-half of the credit that would have been allowed on a joint return.

Takes effect January 1, 2013.