MS HB866

Allows Mississippi taxpayers who claim the federal earned income tax credit under 26 USCS Section 32 to receive a refundable state income tax credit equal to 5% of their federal credit amount.

Credits exceeding the taxpayer's state income tax liability (after accounting for other allowable credits) result in a refund from the Department of Revenue for the excess amount.

Requires taxpayers to claim the federal earned income tax credit on their federal return and provide a copy of that return and any other information required by the Department of Revenue.

Effective January 1, 2010, and does not affect any tax claims, assessments, or actions arising before the effective date.