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MS SB2181
Bill
AI Summary
- Authorizes an income tax credit for landowners and developers who construct storm shelters or safe rooms on multifamily residential properties (R-2 Occupancy) in Mississippi
- Credits are limited to the lesser of 50% of construction costs or $20,000 per shelter/safe room, with an aggregate state cap of $5,000,000 per fiscal year
- Storm shelters and safe rooms must be certified by state or local inspectors as compliant with ICC 500 and NSSA standards, with the certificate of occupancy issued within 12 months of credit application
- Excess credits exceeding annual tax liability may be carried forward for 5 tax years, or taxpayers may elect to claim a refund of 75% of the excess credit paid in equal installments over 2 years
- Takes effect July 1, 2021
Legislative Description
Income tax; authorize credit for costs of building storm shelters or safe rooms for multifamily residential construction.
Last Action
Died In Committee
2/24/2021
Committee Referrals
Finance1/8/2021
Full Bill Text
No bill text available