MS SB2897

Allows a credit or rebate for ad valorem taxes on home purchases for: (1) honorably discharged veterans with service-connected total disabilities, (2) unremarried surviving spouses of such veterans, or (3) unremarried surviving spouses of armed forces members killed or died on active duty.

Requires home buyers to submit requests to the Department of Revenue after closing but no later than January 31 of the following year, with documentation proving eligibility and tax apportionment at closing.

Allows buyers to choose between a credit (applied against future tax bills) or a rebate (direct payment); the department shall disburse funds from current tax collections to tax collectors or directly to buyers.

Excludes rebate payments under this act from gross income for state income tax purposes by amending Section 27-7-15.

Takes effect January 1, 2024.