MS HB973

Creates a refundable state income tax credit equal to 10% of the federal earned income tax credit claimed by taxpayers under 26 USCS Section 32.

Allows taxpayers to receive a refund from the Department of Revenue if the credit amount 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.

Does not affect any existing tax claims, assessments, appeals, or suits relating to taxes accrued before the act's effective date.

Effective January 1, 2020.