Bill Text: MS HB1624 | 2012 | Regular Session | Introduced
Bill Title: Income tax; authorize a credit for premium paid for insurance on principal residence in certain counties.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Failed) 2012-03-28 - Died In Committee [HB1624 Detail]
Download: Mississippi-2012-HB1624-Introduced.html
MISSISSIPPI LEGISLATURE
2012 Regular Session
To: Ways and Means
By: Representative Upshaw
House Bill 1624
AN ACT TO PROVIDE AN INCOME TAX CREDIT FOR TAXPAYERS THAT MAKE PAYMENTS FOR HOMEOWNERS INSURANCE COVERING THE PRINCIPAL RESIDENCE OF THE TAXPAYER IN CERTAIN COUNTIES; TO LIMIT THE AMOUNT OF THE CREDIT THAT MAY BE CLAIMED IN A TAXABLE YEAR; TO PROVIDE THAT ANY UNUSED PORTION OF THE CREDIT MAY BE CARRIED FORWARD FOR THE SUCCEEDING FIVE TAX YEARS; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. (1) As used in this act, 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) "Homeowners insurance" means any insurance, including flood insurance, covering a principal residence in the coast area. The term "homeowners insurance" also 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.
(c) "Principal residence" has the same meaning as when used in 26 USCS Section 121.
(2) Subject to the limitations of this subsection, a taxpayer shall be allowed a credit against the taxes imposed under this chapter in an amount equal to payments made by the taxpayer for premiums for homeowners insurance covering the principal residence of the taxpayer. The total credit claimed for a taxable year cannot exceed the lesser of one thousand dollars ($1,000.00) or the amount of tax imposed upon the taxpayer for the taxable year reduced by the sum of all other credits allowable to such taxpayer under this chapter, except credit for tax payments made by or on behalf of the taxpayer. Any unused portion of the credit may be carried forward for the succeeding five (5) tax years. (3) The Department of Revenue may promulgate rules and regulations necessary to implement and administer this section.
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.
