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MS SB2853
Bill
AI Summary
- Allows Mississippi income tax deduction for costs incurred to retrofit primary or secondary residences in coastal counties (Hancock, Harrison, Jackson, Stone, and Pearl River) with hurricane and windstorm resistance measures.
- Deduction applies only to fortification measures meeting Institute for Business and Home Safety standards or other approved mitigation programs, excluding ordinary repairs or replacements.
- Aggregate deduction capped at the lesser of 50% of retrofitting costs or $6,000 across all taxable years beginning with 2013.
- Requires certification from an Institute for Business and Home Safety certified evaluator or other qualified building evaluator as defined by jointly promulgated rules.
- Costs purchased with non-taxable grant funds are ineligible for the deduction.
Legislative Description
Income tax; authorize a deduction for certain retrofitting or upgrades to homes in Coastal Area of Mississippi.
Last Action
Died In Committee
3/16/2016
Committee Referrals
Finance3/7/2016
Full Bill Text
No bill text available