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MS HB412
Bill
Status
3/16/2016
Primary Sponsor
Jeffrey Smith
Click for details
AI Summary
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Establishes a state income tax credit equal to 15% of the federal earned income tax credit claimed by a taxpayer for the 2016 taxable year and thereafter
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Credit is not 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 operates in taxable years when both conditions are met: 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%
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State Fiscal Officer must certify to the Commissioner of Revenue by August 15 whether the credit conditions are satisfied for that taxable year
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Act takes effect January 1, 2016 and is codified in Chapter 7, Title 27 of Mississippi Code
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 On Calendar
3/16/2016