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MS HB321
Bill
Status
Failed
2/22/2023
Primary Sponsor
Robert Johnson
Click for details
AI Summary
- Allows Mississippi taxpayers who claim the federal earned income tax credit under 26 USCS Section 32 to receive a state income tax credit equal to 10% of their federal credit amount
- Makes the credit refundable, meaning taxpayers receive a refund from the Department of Revenue if the credit exceeds their state income tax liability after all other credits are applied
- Requires taxpayers to claim the federal credit on their federal income tax return and provide a copy of that return and other information requested by the Department of Revenue to obtain the state credit
- Codifies the credit as a new section in Chapter 7, Title 27 of the Mississippi Code
- Takes effect January 1, 2023
Legislative Description
Income tax; provide a credit for taxpayers who claim a federal earned income tax credit.
Last Action
Died In Committee
2/22/2023
Committee Referrals
Ways and Means1/9/2023
Full Bill Text
No bill text available