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MS HB1603
Bill
Status
2/25/2015
Primary Sponsor
Jeffrey Smith
Click for details
AI Summary
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Creates a state earned income tax credit equal to 15% of the federal earned income tax credit claimed by Mississippi taxpayers, beginning in tax year 2015.
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Credit is non-refundable and cannot be carried forward to future tax years if it exceeds the taxpayer's state income tax liability.
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Credit only applies in taxable years when the Working Cash-Stabilization Reserve Fund is at its statutory maximum on July 1 and General Fund revenue collections exceeded the prior fiscal year by at least 3%.
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State Fiscal Officer must certify eligibility conditions to the Commissioner of Revenue by August 15 of each taxable year.
Legislative Description
Working Families Tax Credit Act; create to authorize an income tax credit in an amount equal to a portion of earned income tax credit.
Last Action
Died In Committee
2/25/2015