MS HB220

Authorizes an income tax credit for taxpayers who incur costs for construction, acquisition, or installation of a storm shelter or safe room for their primary residence.

Credit amount equals the lesser of $1,500 or the actual costs incurred during the taxable year, but cannot exceed the taxpayer's total tax liability minus other allowable credits.

Requires taxpayers to submit documentation verified by the Mississippi Emergency Management Agency confirming the costs were for a storm shelter or safe room meeting or exceeding Federal Emergency Management Agency minimum safety criteria.

Unused tax credits may be carried forward for five consecutive years from the close of the tax year in which the credit was earned.

Effective January 1, 2015.