Loading chat...
MS HB41
Bill
Status
Failed
2/21/2018
Primary Sponsor
Tom Miles
Click for details
AI Summary
- Allows taxpayers a credit against state income taxes for costs incurred constructing, acquiring, or installing a storm shelter or safe room for their primary residence
- Credits are limited to the lesser of $1,500 or the actual costs incurred during the taxable year
- Unused credits may be carried forward for five consecutive years from the year the credit was earned
- Requires taxpayers to submit documentation from the Mississippi Emergency Management Agency verifying the costs and confirming the shelter meets or exceeds Federal Emergency Management Agency minimum safety criteria
- Effective date is January 1, 2018
Legislative Description
Income tax; authorize a credit for costs incurred for storm shelter/safe room for primary residence.
Last Action
Died In Committee
2/21/2018
Committee Referrals
Ways and Means1/2/2018
Full Bill Text
No bill text available