MS HB1336

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

Qualifies retrofit costs must be for fortification measures that increase resistance to hurricane, tornado, flood, or catastrophic windstorm damage, excluding ordinary repairs or replacements.

Requires properties to be retrofitted according to catastrophic mitigation programs adopted by the Institute for Business and Home Safety or other programs approved by the Commissioner of Insurance, with certification by qualified evaluators.

Limits the aggregate tax deduction to the lesser of 50% of retrofitting costs incurred or $6,000 across all taxable years beginning with the 2014 tax year.

Excludes from the deduction any qualifying items purchased with grant funds that are not included in the taxpayer's income.