MS SB2586

Allows individual Mississippi taxpayers with primary or secondary residences in the Coastal Area (Hancock, Harrison, Jackson, Stone, and Pearl River Counties) to deduct retrofitting costs from gross income when calculating state income tax.

Covers only costs for fortification measures designed to make homes more resistant to hurricanes, tornadoes, and catastrophic windstorms, excluding ordinary repairs or replacements of existing items.

Requires properties to be retrofitted according to the Fortified Existing Living requirements adopted by the Institute for Business and Home Safety or another Commissioner of Insurance-approved mitigation program, with certification by qualified evaluators.

Limits the aggregate tax deduction to the lesser of 50% of retrofitting costs or $6,000 across all taxable years beginning with 2013.

Excludes from the deduction any qualifying costs purchased with grant funds that are not included in the taxpayer's income.