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MS HB1602
Bill
Status
Failed
2/22/2017
Primary Sponsor
Tom Miles
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AI Summary
- Authorize an income tax credit for taxpayers who incur costs to construct, acquire, or install a storm shelter or safe room for their primary residence
- Credit amount equals the lesser of $1,500 or the actual costs incurred during the taxable year
- Credit cannot exceed the taxpayer's total tax liability for the year minus all other allowable credits (except tax payments already made)
- Unused credits may be carried forward for five consecutive years following the tax year in which the credit was earned
- Taxpayers must submit documentation from the Mississippi Emergency Management Agency verifying the costs and confirming the shelter or safe room meets or exceeds Federal Emergency Management Agency minimum safety criteria
Legislative Description
Income tax; authorize a credit for costs incurred for storm shelter/safe room for primary residence.
Last Action
Died In Committee
2/22/2017
Committee Referrals
Ways and Means2/15/2017
Full Bill Text
No bill text available