Senate Bill 3063

AN ACT TO AUTHORIZE A TAX CREDIT FOR TAXPAYERS WHO CONTRIBUTE MONEY DURING TAXABLE YEARS 2006 AND 2007 TO A HOMEOWNER WHOSE HOMESTEAD IS LOCATED IN THE THREE MOST SOUTHERN COUNTIES OF THE STATE AND IS CONSIDERED A TOTAL LOSS AS A RESULT OF DAMAGE CAUSED BY HURRICANE KATRINA; TO REQUIRE HOMEOWNERS TO REGISTER WITH THE STATE TAX COMMISSION; TO REQUIRE THE COMMISSION TO MAKE CERTAIN DETERMINATIONS AND PREPARE A LIST OF ELIGIBLE HOMEOWNERS; TO REQUIRE TAXPAYERS WISHING TO AVAIL THEMSELVES OF THE CREDIT TO REGISTER WITH THE COMMISSION; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. (1) Any homeowner whose homestead (as defined in Section 27-33-19) is located in the three (3) most southern counties of the state and is considered a total loss as a result of damage caused by Hurricane Katrina, may register with the State Tax Commission. If the commission determines that the homestead of the homeowner is located in the three (3) most southern counties of the state and is a total loss as a result of damage caused by Hurricane Katrina, commission shall place the homeowner on a list of eligible homeowners.

(2) A taxpayer shall register with the commission and specify a homeowner on the list in order to be eligible for the credit provided by this section. The taxpayer shall be allowed as a credit against the taxes imposed by the Income Tax Law of 1952 in an amount equal to the money that the taxpayer donates in taxable years 2006 and 2007 to the homeowner specified by the taxpayer after the date that the taxpayer registers pursuant to this section.

(3) The taxpayer shall provide such documentation as the commission may require.

(4) Any tax credit claimed under this section but not used in any taxable year may be carried forward for five (5) consecutive years for the close of the tax year in which the credits were earned. The credit that may be utilized in any one tax year shall be limited to an amount not greater than the total state income tax liability of the taxpayer.

SECTION 2. This act shall take effect and be in force from and after January 1, 2006.