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MS SB2841
Bill
Status
Failed
2/25/2015
Primary Sponsor
Joey Fillingane
Click for details
AI Summary
- Allows Mississippi taxpayers a state income tax credit equal to 15% of the federal earned income tax credit claimed on their federal return, beginning with the 2015 taxable year
- Credit is only available if two conditions are met and certified by the State Fiscal Officer by August 15: the Working Cash-Stabilization Reserve Fund is at statutory maximum on July 1, and General Fund revenue collections exceed the prior fiscal year by at least 3%
- Any excess credit that exceeds the state income tax owed is not refundable and cannot be carried forward to future years
- Known as the Working Families Tax Credit Act
- Effective January 1, 2015
Legislative Description
Working Families Tax Credit Act; create to authorize an income tax credit in an amount equal to a portion of the earned income tax credit.
Last Action
Died In Committee
2/25/2015
Committee Referrals
Finance2/17/2015
Full Bill Text
No bill text available