House Bill 118

AN ACT TO AUTHORIZE TAXPAYERS TO ESTABLISH CATASTROPHE SAVINGS ACCOUNTS TO COVER THE AMOUNT OF INSURANCE POLICY DEDUCTIBLES AND OTHER UNINSURED PORTIONS OF RISKS OF LOSS TO THE TAXPAYER'S LEGAL RESIDENCE IN THE COAST AREA FROM A HURRICANE, RISING FLOODWATERS, OR OTHER CATASTROPHIC WINDSTORM EVENT; TO PROVIDE THAT THE AMOUNTS CONTRIBUTED TO A CATASTROPHE SAVINGS ACCOUNT, INTEREST INCOME EARNED ON A CATASTROPHE SAVINGS ACCOUNT, AND DISTRIBUTIONS FROM A CATASTROPHE SAVINGS ACCOUNT THAT ARE USED TO COVER QUALIFIED CATASTROPHE EXPENSES SHALL BE EXCLUDED FROM THE TAXABLE GROSS INCOME OF THE ACCOUNT HOLDER; TO PROVIDE THAT ANY STATE INCOME TAX PAID THAT IS ATTRIBUTABLE TO A TAXABLE DISTRIBUTION FROM A CATASTROPHE SAVINGS ACCOUNT SHALL BE INCREASED BY TWO AND ONE-HALF PERCENT OF THE AMOUNT OF THE DISTRIBUTION THAT IS INCLUDABLE IN THE TAXABLE GROSS INCOME OF THE TAXPAYER; TO AMEND SECTION 27-7-15, MISSISSIPPI CODE OF 1972, TO CONFORM TO THE PRECEDING PROVISIONS; TO AMEND SECTION 27-7-18, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT AMOUNTS PAID BY AN INDIVIDUAL FOR PREMIUMS FOR AN INSURANCE POLICY THAT COVERS THE INDIVIDUAL'S LEGAL RESIDENCE IN THE COAST AREA FOR HURRICANE, RISING FLOODWATERS, OR OTHER CATASTROPHIC WINDSTORM EVENT DAMAGE SHALL BE ALLOWED AS AN ADJUSTMENT TO GROSS INCOME UNDER THE STATE INCOME TAX LAW; AND FOR RELATED PURPOSES.

In the House of Representatives

• Jessica Upshaw

  Sponsor

l9n doesn't hold this bill's text yet.

In the House of Representatives Jan 4 – Feb 23

1. Jan 4Referred to the House committee on Ways and Means
2. Feb 23Died in committee in the House