MS HB375

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

Requires taxpayers to claim the federal earned income tax credit on their federal return and provide a copy of that return and other required documentation to the Department of Revenue to obtain the state credit.

Does not affect or defeat any existing tax claims, assessments, appeals, or liens for taxes accrued before the act's effective date.

Takes effect January 1, 2020.