MS SB2410

Establishes a $1,000 income tax credit for first-time homebuyers who purchase a principal residence in Mississippi, limited to the lesser of $1,000 or their tax liability.

Requires first-time homebuyers to apply with the Department of Revenue on or after the sale closing date, with credits awarded on a first-come, first-served basis.

Caps total credits awarded statewide at $1,000,000 per calendar year, with the Department of Revenue ceasing awards 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 allocated equally.

Sunsets on January 1, 2016, with an effective date of January 1, 2013.