MS SB2076

Establishes a $1,000 income tax credit for first-time homebuyers purchasing a principal residence in Mississippi, or the taxpayer's income tax liability, whichever is less.

Requires first-time homebuyers to apply with the Department of Revenue on or after the date of sale closing; credits are awarded on a first-come, first-served basis and must be used in the same tax year as the home purchase with no carryover to future years.

Caps aggregate annual credits at $1,000,000 per calendar year; the Department of Revenue must cease awarding credits once this limit is reached.

Limits credit eligibility to cases where all co-purchasers are first-time homebuyers; for married couples filing jointly, both spouses must qualify; for unmarried co-purchasers, the credit is divided equally among them.

Expires January 1, 2015; takes effect January 1, 2012.