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MS HB1605
Bill
Status
Failed
2/22/2017
Primary Sponsor
Tom Miles
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AI Summary
- Authorizes an income tax credit for taxpayers who incur costs to construct, acquire, or install a storm shelter or safe room at their primary residence
- Credit equals the lesser of $1,500 or the actual costs incurred, but cannot exceed the taxpayer's tax liability after other credits
- Unused credits may be carried forward for five consecutive years
- Requires Mississippi Emergency Management Agency verification that costs were for a qualifying shelter and that it meets or exceeds Federal Emergency Management Agency minimum safety criteria
- Effective January 1, 2017
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