MS HB782

Provides a refundable state income tax credit equal to 5% 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 after accounting for other allowable credits.

Taxpayers must claim the federal EITC on their federal income tax return and provide a copy of that return and other required information to the Department of Revenue to obtain the state credit.

Codifies the new credit as a section in Chapter 7, Title 27 of the Mississippi Code of 1972.

Takes effect January 1, 2023, with no impact on tax claims, assessments, or appeals accrued before the effective date.