House Bill 297

AN ACT TO AUTHORIZE AN INCOME TAX CREDIT FOR COSTS INCURRED BY A TAXPAYER FOR THE PURCHASE AND INSTALLATION OF A SOLAR WATER HEATER SYSTEM IN PROPERTY THAT IS THE PRIMARY RESIDENCE OF THE TAXPAYER OR THAT IS OWNED BY THE TAXPAYER AND RENTED TO OTHERS FOR DWELLING PURPOSES; TO PROVIDE FOR THE AMOUNT OF THE CREDIT; AND FOR RELATED PURPOSES.

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

SECTION 1. (1) (a) (i) There shall be allowed as a credit against the taxes imposed by this chapter a portion of the costs incurred by a taxpayer for the purchase and installation of a solar water heater system in property that is the primary residence of the taxpayer and/or is property owned by the taxpayer and rented to others for dwelling purposes. The amount of the credit authorized under this section shall be One Thousand Five Hundred Dollars ($1,500.00), and any unused portion of the credit may be carried forward for the succeeding five (5) tax years.

(ii) In the case of a taxpayer who purchases and installs such a system, the tax credit shall be claimed for the taxable year in which the system is placed in service. In the case of a taxpayer who purchases a newly constructed property with such a system in place, the tax credit shall be claimed for the taxable year in which the purchase of the property occurs.

(b) For the purposes of this section, "solar water heater system" means an energy system or device that collects or absorbs sunlight for conversion into heat for the purposes of heating water within a structure or swimming pool.

(2) The Department of Revenue shall promulgate rules and regulations necessary for the implementation and administration of this section.

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. 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, 2013.