MS HB1268

Increases the income tax credit for adoption expenses from $5,000 to $7,500 per child for adoptions occurring after calendar year 2022, with the higher credit amount extending through December 31, 2026.

Increases the income tax credit for adoptions through the Mississippi Department of Child Protection Services from $5,000 to $7,500 per child for adoptions occurring after calendar year 2022, with the higher credit amount extending through December 31, 2026.

Allows taxpayers to carry forward unused adoption tax credits for five (5) succeeding tax years under the enhanced credit provisions through 2026, reverting to three (3) years after January 1, 2027.

Reverts the adoption tax credit to the original $2,500 maximum per child after January 1, 2027, unless extended by future legislation.

Takes effect July 1, 2023 and does not affect any tax claims, assessments, or appeals accrued before the effective date.