MS HB297

Authorizes a $1,500 income tax credit for taxpayers who purchase and install solar water heater systems in their primary residence or rental property used for dwelling purposes.

Unused portions of the credit may be carried forward for five successive tax years.

Credit is claimed in the taxable year the system is placed in service, or in the year of property purchase if the system is already installed.

Defines "solar water heater system" as an energy system that collects or absorbs sunlight to convert into heat for heating water in structures or swimming pools.

Effective January 1, 2013, with the Department of Revenue responsible for implementing and administering the credit through rules and regulations.