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MS SB2067
Bill
Status
3/16/2016
Primary Sponsor
Joey Fillingane
Click for details
AI Summary
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Creates the Working Families Tax Credit Act, allowing Mississippi taxpayers to claim a state income tax credit equal to 15% of their federal Earned Income Tax Credit beginning in tax year 2016
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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 becomes available in years when the Working Cash-Stabilization Reserve Fund is at its statutory maximum on July 1
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Additional requirement: General Fund revenue collections for the preceding fiscal year must exceed the prior year's collections by at least 3%
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State Fiscal Officer must certify both conditions are met 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 the earned income tax.
Last Action
Died In Committee
3/16/2016