MS HB181

Creates the Livable Homes Tax Credit Act allowing taxpayers to claim an income tax credit of up to $8,000 for purchasing a new, never-occupied residence designed for accessibility and universal visitability.

Allows taxpayers to claim an income tax credit of up to $8,000 for retrofitting an existing residence to improve accessibility and provide universal visitability.

Credits are limited to the lesser of $8,000 or the value added by the design, and cannot exceed the taxpayer's tax liability for the year after accounting for other credits.

Unused tax credits may be carried forward for five consecutive years following the year the credit was earned.

Annual tax credits are capped at $550,000 statewide; if exceeded, credits are reduced pro rata with the reduced portion carried to the next taxable year.