Bill Text: MS HB220 | 2015 | Regular Session | Engrossed
Bill Title: Income tax; authorize a credit for costs incurred for storm shelter/safe room for primary residence.
Spectrum: Moderate Partisan Bill (Democrat 4-1)
Status: (Failed) 2015-03-17 - Died In Committee [HB220 Detail]
Download: Mississippi-2015-HB220-Engrossed.html
MISSISSIPPI LEGISLATURE
2015 Regular Session
To: Ways and Means
By: Representatives Stringer, Nelson, Miles, Dixon, Scott
House Bill 220
(As Passed the House)
AN ACT TO AUTHORIZE AN INCOME TAX CREDIT FOR TAXPAYERS WHO INCURS COSTS FOR THE CONSTRUCTION, ACQUISITION OR INSTALLATION OF A STORM SHELTER OR SAFE ROOM FOR A PRIMARY RESIDENCE; TO PROVIDE THE AMOUNT OF THE TAX CREDIT; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. (1) Subject to the provisions of this section, a taxpayer who incurs costs for the construction, acquisition and/or installation of a storm shelter or safe room for the taxpayer's primary residence shall be allowed a credit against the taxes imposed under this chapter. The credit shall be for an amount equal to the lesser of One Thousand Five Hundred Dollars ($1,500.00) or the amount of costs incurred by the taxpayer during the taxable year for the construction, acquisition and/or installation of a storm shelter or safe room for the taxpayer's primary residence. However, the tax credit shall not exceed the amount of tax imposed upon the taxpayer for the taxable year reduced by the sum of all other credits allowable to the taxpayer under this chapter, except credit for tax payments made by or on behalf of the taxpayer. Any tax credit claimed under this section but not used in any taxable year may be carried forward for five (5) consecutive years from the close of the tax year in which the credit was earned.
(2) In order to claim a credit under this section, a taxpayer must submit documentation verified by the Mississippi Emergency Management Agency that the costs for which the taxpayer claims credit were incurred for the construction, acquisition and/or installation of a storm shelter or safe room for the taxpayer's primary residence and that the storm shelter or safe room meets or exceeds Federal Emergency Management Agency minimum criteria for safety.
SECTION 2. Section 1 of this act shall be codified as a separate section in Chapter 7, Title 27, Mississippi Code of 1972.
SECTION 3. This act shall take effect and be in force from and after January 1, 2015.
