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MS HB1719
Bill
Status
Failed
3/16/2016
Primary Sponsor
Kimberly Campbell
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AI Summary
- Authorizes a state earned income tax credit equal to 15% of the federal earned income tax credit claimed by a taxpayer, effective for tax year 2016 and later
- Credit is non-refundable and cannot be carried forward to subsequent tax years if it exceeds the taxpayer's state tax liability
- Credit only operates when the Working Cash-Stabilization Reserve Fund is at statutory maximum on July 1 and General Fund revenue collections exceed the previous year by at least 3%
- State Fiscal Officer must certify to the Commissioner of Revenue by August 15 whether conditions for credit activation are met for that tax year
- Codified in Chapter 7, Title 27 of the Mississippi Code with effective date of January 1, 2016
Legislative Description
Earned income tax credit; authorize an income tax credit in an amount equal to a portion of earned income tax credit.
Last Action
Died In Committee
3/16/2016
Committee Referrals
Ways and Means3/14/2016
Full Bill Text
No bill text available