MS HB240

Creates an income tax credit for taxpayers who construct, acquire, or install storm shelters or safe rooms at R-2 Occupancy multi-family residential properties in Mississippi

Credit equals 50% of costs incurred, capped at $20,000 per storm shelter or safe room

Storm shelters must be certified by a state, county, or municipal inspector as complying with International Code Council 500/National Storm Shelter Association standards

Unused credits may be carried forward for five consecutive years; total credits allocated statewide cannot exceed $5 million per calendar year

Effective date of January 1, 2023