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MS SB2491
Bill
Status
Failed
3/27/2024
Primary Sponsor
Reginald Jackson
Click for details
AI Summary
- Allows Mississippi taxpayers who claim the federal Earned Income Tax Credit (EITC) under 26 USCS Section 32 to receive a refundable state income tax credit equal to 5% of their federal EITC amount
- Makes the credit refundable, meaning taxpayers receive a refund from the Department of Revenue if the credit exceeds their state income tax liability after accounting for all other allowable credits
- Requires taxpayers to claim the federal EITC on their federal tax return and provide a copy of that return and any other information required by the Department of Revenue
- Codifies the credit as a new section in Title 27, Chapter 7 of the Mississippi Code of 1972
- Takes effect January 1, 2024
Legislative Description
Income tax; provide credit for taxpayers claiming federal Earned Income Tax Credit.
Last Action
Died In Committee
3/27/2024
Committee Referrals
Finance2/16/2024
Full Bill Text
No bill text available