MS HB685

Increases the adoption tax credit from $2,500 to $5,000 per dependent child for adoptions occurring in calendar year 2018 and thereafter under Mississippi law.

Maintains the $2,500 credit for adoptions that occurred between 2006 and 2017, with a separate $5,000 credit available for adoptions through the Mississippi Department of Child Protection Services starting in 2018.

Allows unused tax credits to be carried forward for three succeeding tax years and permits claiming the credit in the year the adoption becomes final.

Defines "qualified adoption expenses" using the same definition as federal tax code Section 26 USCS 23.

Takes effect January 1, 2018.