MS HB108

Creates a state income tax credit of $200 per child for Mississippi taxpayers who claim the federal child income tax credit under 26 USCS Section 24, capped at a maximum of $1,000 per taxpayer.

Limits the credit that can be used in any taxable year to the taxpayer's total state tax liability, with unused portions allowed to carry forward for five consecutive years from the end of the tax year earned.

Requires taxpayers to claim the federal child income tax credit on their federal return and provide a copy of that return and other information requested by the Department of Revenue to obtain the state credit.

Effective January 1, 2024, and does not affect any tax claims, assessments, or appeals arising from taxes accrued before the effective date.