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MS HB1524
Bill
Status
Failed
2/22/2023
Primary Sponsor
Zakiya Summers
Click for details
AI Summary
- Provides a state income tax credit of $200 per child for taxpayers claiming the federal child income tax credit under 26 USCS Section 24, with a maximum credit of $1,000 per taxpayer per year
- Credits are limited to the taxpayer's total state tax liability for the taxable year, with unused portions carried forward for five consecutive years
- Requires taxpayers to claim the federal credit on their federal tax return and provide a copy to the Mississippi Department of Revenue to obtain the state credit
- Takes effect January 1, 2023, and does not affect any tax claims or assessments accrued before the effective date
- Codifies the credit as a new section in Chapter 7, Title 27 of the Mississippi Code
Legislative Description
Income tax; provide a credit for taxpayers who claim a federal child income tax credit.
Last Action
Died In Committee
2/22/2023
Committee Referrals
Ways and Means2/3/2023
Full Bill Text
No bill text available