Bill Text: MS HB1558 | 2012 | Regular Session | Introduced
Bill Title: Income tax; authorize a credit for costs incurred under a homeowners deductible due to loss incurred from a named storm.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Failed) 2012-03-28 - Died In Committee [HB1558 Detail]
Download: Mississippi-2012-HB1558-Introduced.html
MISSISSIPPI LEGISLATURE
2012 Regular Session
To: Ways and Means; Insurance
By: Representative Upshaw
House Bill 1558
AN ACT TO PROVIDE AN INCOME TAX CREDIT FOR TAXPAYERS IN CERTAIN COUNTIES OF THE STATE FOR THE AMOUNT OF COSTS INCURRED UNDER A HOMEOWNERS INSURANCE DEDUCTIBLE DUE TO LOSS FROM A NAMED STORM; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. (1) As used in this section, the following words and phrases shall have the meanings ascribed in this section unless the context clearly indicates otherwise:
(a) "Coast area" means and has the same definition as that term has in Section 83-34-1.
(b) "Eligible individual" means any taxpayer whose principal residence, as of the last day of the calendar year for which a tax credit is claimed under this section, is located in any county in the Coast area.
(c) "Homeowners insurance" means any insurance covering a principal residence. The term "homeowners insurance" includes coverage of a principal residence with respect to wind damage through the Mississippi Windstorm Underwriting Association established under Section 83-34-1 et seq.
(2) An eligible individual shall be allowed a credit against the taxes imposed under this chapter in an amount equal to costs incurred by the taxpayer under the taxpayer's homeowners insurance deductible due to loss incurred from a named storm. However, the amount of the credit shall not exceed the amount of income tax imposed upon the taxpayer for the taxable year reduced by the sum of all other credits allowable to the taxpayer under the state income tax laws, except credit for tax payments made by or on behalf of the taxpayer. Any unused portion of the credit claimed under this section may be carried forward to the next five (5) succeeding taxable years.
SECTION 2. Section 1 of this act shall be codified as a new section in Chapter 7, Title 27, Mississippi Code of 1972. SECTION 3. Nothing in this act shall affect or defeat any claim, assessment, appeal, suit, right or cause of action for taxes due or accrued under the income tax laws before the date on which this act becomes effective, whether such claims, assessments, appeals, suits or actions have been begun before the date on which this act becomes effective or are begun thereafter; and the provisions of the income tax laws are expressly continued in full force, effect and operation for the purpose of the assessment, collection and enrollment of liens for any taxes due or accrued and the execution of any warrant under such laws before the date on which this act becomes effective, and for the imposition of any penalties, forfeitures or claims for failure to comply with such laws.
SECTION 4. This act shall take effect and be in force from and after January 1, 2012.
