MS SB2831

Allows taxpayers a refundable income and/or franchise tax credit for costs of purchasing and installing solar energy systems (photovoltaic, solar thermal) or energy efficiency services in Mississippi residences or small multifamily units (4 units or less).

Solar electric credit equals $1.50 per DC watt for first 8 kilowatts installed, plus $0.20 per watt-hour for first 20 kilowatt-hours of battery storage; solar thermal credit equals 50% of first $5,000 in eligible costs; energy efficiency credit equals 35% of first $10,000 in eligible costs.

Only one solar electric credit and one solar thermal credit allowed per residence; only one energy efficiency credit allowed per residence regardless of multiple owners over time.

Requires work be completed by contractors licensed by Mississippi State Board of Contractors with specific certifications (NABCEP, SEI, RISE for solar; Building Performance Institute for energy efficiency); photovoltaic equipment must be tested and certified by OSHA-recognized testing laboratories.

Credit amount reduces by 10% annually beginning one year after effective date and expires 10 years after July 1, 2015; excess credits over tax liability constitute refundable overpayments with interest paid within 180 days by Department of Revenue.