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MS SB2696
Bill
AI Summary
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Increases income tax credit for dependent children legally adopted in Mississippi to $10,000 per child (up from $5,000) if the child resides in Mississippi.
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Allows a credit of up to $5,000 per child for dependent children legally adopted and residing outside Mississippi.
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Removes the requirement that adoptions must be through the Mississippi Department of Child Protection Services to qualify for the credit.
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Eliminates the scheduled January 1, 2024 reduction that would have capped the credit at $2,500 per child.
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Changes the definition of "qualified adoption expenses" to reference 26 USCA 23 instead of 26 USCS 36C.
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Takes effect July 1, 2023.
Legislative Description
Income tax credit for qualified adoption expenses; increase amount for Mississippi children and remove CPS requirement.
Last Action
Approved by Governor
4/19/2023