MS SB2139

Creates a $1,000 income tax credit for first-time homebuyers of a principal residence in Mississippi, limited to the taxpayer's actual income tax liability if less than $1,000.

Requires applicants to apply with the Department of Revenue after the home sale closes in the same taxable year, with credits awarded on a first-come, first-served basis and unused credits not carried forward.

Caps total credits awarded statewide at $1,000,000 per calendar year, with the Department of Revenue ceasing to award credits once the limit is reached.

For married couples filing jointly, both spouses must be first-time homebuyers to claim the credit; for unmarried co-purchasers, all must be first-time homebuyers and the credit is divided equally.

Expires January 1, 2014, with the credit effective beginning January 1, 2011.