MS SB2914

Authorizes an income tax credit equal to 50% of the first $25,000 of costs for purchasing and installing solar electric or solar thermal systems at Mississippi residences, applicable to systems installed between January 1, 2014 and December 31, 2023.

Provides a reduced 38% tax credit for third-party leased systems costing no more than $2.00 per watt and providing no more than 6 kilowatts of energy, with eligibility ending December 31, 2018.

Limits the credit to one system per residence and requires systems to be installed by licensed persons in compliance with federal American Recovery and Reinvestment Act (ARRA) standards.

Allows unused tax credits to be claimed as an overpayment of income taxes, with the Commissioner of Revenue required to issue refunds from current income tax collections within one year of the claim.

Permits the solar tax credit to be used alongside federal tax credits for the same system, but prohibits other state tax credits, exemptions, or deductions for the same property except homestead exemption.