MS HB1566

Allows Mississippi taxpayers with primary or secondary residences in Hancock, Harrison, Jackson, Stone, and Pearl River Counties to deduct costs for retrofitting homes against hurricanes, tornadoes, floods, and catastrophic windstorms

Maximum deduction is the lesser of 50% of retrofitting costs or $6,000 aggregate across all tax years beginning with 2016

Qualifying fortification measures must conform to programs adopted by the Institute for Business and Home Safety or other programs approved by the Commissioner of Insurance

Requires inspection and certification by an Institute for Business and Home Safety certified evaluator or other licensed building evaluator to claim the deduction

Excludes ordinary repair or replacement costs, and items purchased with grant funds not included in taxpayer income are ineligible for the deduction