MS HB2

Authorizes a state income tax credit for taxpayers who construct, acquire, or install storm shelters or safe rooms in qualifying multi-family residential properties (R-2 occupancy) in Mississippi.

Tax credit equals the lesser of 50% of costs incurred or $20,000, with a maximum annual aggregate credit allocation of $5,000,000 statewide.

Requires storm shelters and safe rooms to be certified by a state-employed or licensed inspector as compliant with International Code Council 500/National Storm Shelter Association standards and applicable building codes.

Unused tax credits may be carried forward for five consecutive years, and costs claimed for credit cannot also be deducted as a state income tax deduction.

Taxpayers must apply with the Department, which has 30 days to allocate credits based on certified costs; costs must be incurred within 60 days of allocation or the credit is cancelled and reallocated.

Effective January 1, 2022.