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MS SB2175
Bill
AI Summary
- Authorizes an income tax credit of $500 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 of "principal residence" from Section 121 of the Internal Revenue Code
- Requires both spouses to be first-time homebuyers to claim the credit on a joint return
- When two or more unmarried individuals purchase a principal residence, all must be first-time homebuyers and the credit is divided equally among them
- Unused tax credits cannot be carried forward to subsequent tax years and the act takes effect January 1, 2011
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
2/23/2011
Full Bill Text
No bill text available