MS HB1721

Establishes the Livable Homes Tax Credit Act, allowing taxpayers to claim a state income tax credit for purchasing new, never-occupied residences designed for accessibility and universal visitability or retrofitting existing residences for the same purpose.

Provides a tax credit of the lesser of $8,000 or the value added by the accessible design, earned in the taxable year the residence is purchased or retrofitted.

Limits annual tax credits to $550,000 statewide; if exceeded, credits are reduced pro rata, with unused portions carried forward to the next taxable year.

Allows unused tax credits to be carried forward for five consecutive years from the year earned.

Empowers the Department of Revenue to implement and administer the credit through rulemaking; effective January 1, 2016.