MS HB855

Authorizes an income tax credit for taxpayers who incur costs to construct, acquire, or install a storm shelter or safe room for multi-family residential property (R-2 occupancy) in Mississippi

Credit equals the lesser of 50% of costs incurred or $20,000 per storm shelter or safe room placed in service during the taxable year

Requires storm shelters/safe rooms to be certified by a state, county, or municipal inspector as compliant with International Code Council 500/National Storm Shelter Association standards

Limits aggregate credits allocated statewide to $5,000,000 per calendar year, with unused credits carried forward for up to 5 consecutive years

Takes effect January 1, 2024, and requires taxpayers to apply with the Department of Revenue within specified timelines; costs must be incurred within 60 days of credit allocation or the allocation is cancelled