Bill Text: MS SB2081 | 2014 | Regular Session | Introduced
Bill Title: Ad valorem tax; authorize a credit for homeowners required to purchase flood insurance.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Failed) 2014-02-26 - Died In Committee [SB2081 Detail]
Download: Mississippi-2014-SB2081-Introduced.html
MISSISSIPPI LEGISLATURE
2014 Regular Session
To: Finance
By: Senator(s) Wiggins
Senate Bill 2081
AN ACT TO AUTHORIZE AN AD VALOREM TAX CREDIT FOR HOMEOWNERS WHO ARE REQUIRED TO PURCHASE FLOOD INSURANCE ON THEIR HOMES PURSUANT TO FEDERAL LAW OR AS A CONDITION OF SECURING A LOAN; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. (1) If a homeowner is required to purchase flood insurance on his or her home pursuant to federal law, or is required by a lender to purchase flood insurance on his or her home as a condition of securing a loan, the homeowner shall be entitled to a credit against ad valorem taxes due on the home in the year in which the homeowner applies for the credit and each year thereafter in an amount equal to the increase in the annual flood insurance premium paid in the previous year by the homeowner over the amount of the annual flood insurance premium that would have been paid by the property owner if the premium was calculated on the property in calendar year 2013.
(2) If the property is located in multiple taxing districts, the credit shall be applied to the taxes due to each taxing district in the proportion that the amount of all ad valorem taxes due to a taxing district bears to the amount of all ad valorem taxes due all the taxing districts in which the property is located.
(3) A homeowner claiming the credit authorized by this section shall first file, by not later than April 1 of each year, an application with the Department of Revenue containing such information as the department may require, including, but not limited to, any information necessary to determine the eligibility of the homeowner for the credit, the amount of the credit and the taxing districts in which the home is located. The department shall determine whether the homeowner is eligible for the credit and the amount of the credit and certify this information to the appropriate taxing districts.
SECTION 2. This act shall take effect and be in force from and after January 1, 2014.
