Mississippi House Bill 89 (Prior Session Legislation)

---

Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Failed on March 28 2012 - 100% progression
Action: 2012-03-28 - Died In Committee
Text: Latest bill text (Introduced) [HTML]

An Act To Authorize Taxpayers To Establish Catastrophe Savings Accounts To Pay 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 Pay 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 Sections 27-7-15 And 85-3-1, 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.

Income tax; authorize establishment of catastrophe savings accounts and exempt contributions and distributions from tax.

Rep. Jessica Upshaw [R]

Date	Chamber	Action
2012-03-28		Died In Committee
2012-02-06		Referred To Ways and Means

Type	Source
Summary	https://billstatus.ls.state.ms.us/2012/pdf/history/HB/HB0089.xml
Text	https://billstatus.ls.state.ms.us/documents/2012/html/HB/0001-0099/HB0089IN.htm