MS SB2991

Establishes an income tax credit equal to 50% of eligible expenses for Mississippi taxpayers who provide care to relatives (spouse, parent, stepparent, or other relation) aged 18+ who require assistance with daily living activities, with a maximum credit of $500 per year ($250 if married filing separately).

Eligible caregivers must have federal adjusted gross income below $55,000 (individual return) or $110,000 (joint return) and incur uncompensated caregiving expenses.

Covers expenses for home improvements for mobility and safety, purchase or lease of assistive equipment, and caregiving services including home care aides, respite care, adult day care, transportation, and legal/financial services.

Limits total tax credits allocated statewide to $500,000 annually during 2020-2022, with credits allocated on a first-come basis until the cap is reached.

Requires the Department of Revenue to submit annual reports by February 1 evaluating the credit's effectiveness and proposing changes; the credit provision sunsets January 1, 2023.