MS HB914

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

Allows taxpayers to claim the credit if they claimed the federal EITC under 26 USCS Section 32 and provide a copy of their federal return to the Department of Revenue.

Makes the credit refundable, meaning if the credit exceeds the taxpayer's state income tax liability (after other credits), the Department of Revenue must refund the excess amount.

Becomes effective January 1, 2023.