MS HB1577

Allows Mississippi taxpayers with primary or secondary residences in Hancock, Harrison, Jackson, Stone, and Pearl River Counties to deduct retrofit costs from gross income for hurricane, tornado, and catastrophic windstorm resistance improvements.

Requires retrofitting measures to comply with catastrophic mitigation programs adopted by the Institute for Business and Home Safety or other programs approved by the Commissioner of Insurance, with certification by approved evaluators.

Limits the aggregate deduction to the lesser of 50 percent of retrofitting costs or $6,000 for all taxable years beginning in 2015.

Excludes costs of items purchased with grant funds from the deduction unless those grants are included in the taxpayer's income.

Requires the Mississippi Windstorm Mitigation Coordinating Council and Commissioner of Insurance to jointly promulgate rules and regulations governing the deduction and certification process.