MS SB2641

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 damage resistance measures.

Deduction limited to 50% of retrofitting costs or $6,000, whichever is less, and applies retroactively to tax year 2013 and forward.

Requires properties to be retrofitted according to Institute for Business and Home Safety "Fortified Existing Living" standards or other Commissioner of Insurance-approved mitigation programs, certified by qualified inspectors.

Excludes ordinary repair or replacement costs, costs of items purchased with non-taxable grant funds, and requires taxpayers to provide certification from approved evaluators to claim the deduction.

Effective January 1, 2015, with joint rulemaking authority granted to the Mississippi Windstorm Mitigation Coordinating Council and Commissioner of Insurance.