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MS HB544

Bill

Official Source

Status

Failed

3/27/2024

Primary Sponsor

Robert Johnson

Click for details

Origin

House of Representatives

2024 Regular Session

AI Summary

  • Creates a refundable state income tax credit equal to 10% 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
  • Taxpayers must claim the federal EITC on their federal income tax return and provide a copy to the Department of Revenue to obtain the state credit
  • Takes effect January 1, 2024

Legislative Description

Income tax; provide a credit for taxpayers who claim a federal earned income tax credit.

Last Action

Died In Committee

3/27/2024

Committee Referrals

Ways and Means1/24/2024

Full Bill Text

No bill text available