MS HB97

Establishes a refundable Mississippi state income tax credit equal to 5% of the federal earned income tax credit claimed by taxpayers under 26 USCS Section 32

Allows taxpayers to receive a refund from the Department of Revenue if the state credit amount exceeds their state income tax liability after accounting for all other allowable credits

Requires taxpayers to claim the federal credit on their federal return and provide a copy of the return plus any other information requested by the Department of Revenue to obtain the state credit

Takes effect January 1, 2024, and does not affect any tax claims, assessments, or appeals that accrued before the effective date