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MS HB1740
Bill
Status
Failed
3/16/2016
Primary Sponsor
Tom Miles
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AI Summary
- Allows Mississippi taxpayers an income tax credit for costs incurred constructing, acquiring, or installing a storm shelter or safe room for their primary residence
- Tax credit equals the lesser of $1,500 or the actual costs incurred, but cannot exceed the taxpayer's total tax liability for the year minus other allowable credits
- Unused credits may be carried forward for five consecutive years following the tax year in which the credit was earned
- Requires taxpayers to submit documentation from the Mississippi Emergency Management Agency verifying costs were incurred and that the shelter or safe room meets or exceeds Federal Emergency Management Agency minimum safety criteria
- Effective January 1, 2016
Legislative Description
Income tax; authorize a credit for costs incurred for storm shelter/safe room for primary residence.
Last Action
Died In Committee
3/16/2016
Committee Referrals
Ways and Means3/15/2016
Full Bill Text
No bill text available