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MS SB2327
Bill
Status
Failed
3/16/2010
Primary Sponsor
Joey Fillingane
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AI Summary
- Creates a Mississippi state income tax credit of up to $1,000 for first-time homebuyers purchasing a principal residence in the state, capped at the taxpayer's actual income tax liability for the year the home sale closes
- Defines "first-time homebuyer" as an individual who has never had an ownership interest in a principal residence
- Requires applicants to apply for the credit through the State Tax Commission, which awards credits on a first-come, first-served basis up to an aggregate cap of $1,000,000 per calendar year
- For married couples filing jointly, both spouses must be first-time homebuyers to qualify; for unmarried co-purchasers, all buyers must be first-time homebuyers and the credit is split equally among them
- Unused credit cannot be carried forward to future tax years; the provision took effect January 1, 2010, and includes a sunset repeal date of January 1, 2013
Legislative Description
Income tax; authorize a credit for taxpayers who are first-time homebuyers of a principal residence in this state.
Last Action
Died On Calendar
3/16/2010
Full Bill Text
No bill text available