MS SB2497

Allows Mississippi taxpayers with primary or secondary residences in the Coastal Area (Hancock, Harrison, Jackson, Stone, and Pearl River Counties) to deduct retrofitting costs from gross income for hurricane and windstorm resistance improvements.

Covers costs for fortification measures meeting Fortified Existing Living standards established by the Institute for Business and Home Safety or other Commissioner of Insurance-approved mitigation programs.

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

Limits the aggregate deduction to the lesser of 50% of retrofitting costs or $6,000 for all taxable years beginning with 2013.

Excludes costs for items purchased with non-taxable grant funds and prohibits deductions for ordinary repairs or replacements of existing items.