MS SB2315

Creates a $1,000 income tax credit for first-time homebuyers purchasing a principal residence in Mississippi, limited to the taxpayer's actual tax liability with no carryforward of unused credit

Defines "first-time homebuyer" as an individual who has never had an ownership interest in a principal residence

Requires applicants to apply with the Department of Revenue, which awards credits on a first-come, first-served basis up to an annual cap of $1,000,000

For married couples filing jointly, both spouses must qualify as first-time homebuyers; for unmarried co-purchasers, all parties must qualify and the credit is split equally

Program set to expire January 1, 2015, with an effective date of January 1, 2012