MS HB1740

Allows Mississippi taxpayers who claim the federal earned income tax credit under 26 USCS Section 32 to receive a state income tax credit equal to 10% of their federal credit amount.

Makes the credit refundable, meaning taxpayers receive a refund from the Department of Revenue if the credit exceeds their state income tax liability after accounting for all other allowable credits.

Requires taxpayers to claim the federal credit on their federal income tax return and provide a copy of that return and any other information requested by the Department of Revenue to obtain the state credit.

Codifies the credit as a separate code section in Chapter 7, Title 27 of the Mississippi Code of 1972.

Takes effect January 1, 2017, with no impact on tax claims, assessments, or liens that accrued before the effective date.