MS HB1591

Allows a refundable income and/or franchise tax credit equal to 50% of the first $50,000 of eligible costs for solar electric energy systems (up to $6 per DC watt installed) and 50% of the first $12,500 for solar thermal energy systems installed on Mississippi residences or multifamily residential buildings.

Allows a refundable tax credit equal to 20% of the first $12,500 of eligible costs for energy efficiency services (insulation, weatherization, HVAC repairs, etc.) performed on Mississippi residences based on a Comprehensive Home Assessment.

Applies to solar energy systems and energy efficiency services installed or purchased on or after July 1, 2013; limits one solar electric and one solar thermal credit per residence, and one energy efficiency services credit per residence regardless of successive owners.

Permits credit assignment from system owner to a financier with a signed declaration; credits may be claimed by corporations on franchise/income tax returns, by individuals on income tax returns, and by partnership members/owners on a pro-rata basis.

Excess credits over tax liability are treated as overpayment and refunded by the Department of Revenue within 180 days; credits may be used in addition to federal tax credits but prevent claiming other state tax benefits for the same property.