MS HB804

Provides a refundable state income tax credit equal to 10% of the federal earned income tax credit (EITC) claimed on a taxpayer's federal return.

Credit is refundable, meaning taxpayers receive a refund from the Department of Revenue if the credit exceeds their state income tax liability.

Taxpayers must claim the federal EITC under 26 USCS Section 32 and provide a copy of their federal return and any other information required by the Department of Revenue to claim the state credit.

Does not affect or defeat any prior tax claims, assessments, appeals, or suits for taxes accrued before the effective date.

Effective January 1, 2022.