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MS HB504
Bill
Status
Failed
2/27/2019
Primary Sponsor
Tom Miles
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AI Summary
- Authorizes Mississippi taxpayers to claim an income tax credit for costs incurred constructing, acquiring, or installing a storm shelter or safe room for their primary residence
- Credit amount equals the lesser of $1,500 or the actual costs incurred, but cannot exceed the taxpayer's total tax liability minus other allowable credits
- Unused credits may be carried forward for five consecutive years following the tax year in which the credit was earned
- Taxpayers must submit documentation verified by the Mississippi Emergency Management Agency confirming costs were incurred for a qualifying shelter that meets or exceeds Federal Emergency Management Agency minimum safety criteria
- Effective date: January 1, 2019
Legislative Description
Income tax; authorize a credit for costs incurred for storm shelter/safe room for primary residence.
Last Action
Died In Committee
2/27/2019
Committee Referrals
Ways and Means1/15/2019
Full Bill Text
No bill text available