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MS SB2385
Bill
AI Summary
- Authorizes a $500 income tax credit for first-time homebuyers who purchase a principal residence in Mississippi, or the taxpayer's income tax liability if less than $500
- Defines "first-time homebuyer" as an individual who has never had an ownership interest in a principal residence, using the definition from Section 121 of the Internal Revenue Code
- Requires both spouses to be first-time homebuyers in order to claim the credit on a joint return
- For multiple unmarried purchasers, all must be first-time homebuyers and the credit amount is divided equally among them
- Unused credits cannot be carried forward to subsequent tax years; effective January 1, 2010
Legislative Description
Income tax; authorize a credit for taxpayers who are first-time homebuyers of a principal residence in this state.
Last Action
Died In Committee
2/24/2010
Full Bill Text
No bill text available