MS HB1106

Provides a refundable state income tax credit equal to 10% of the federal earned income tax credit (EITC) claimed by eligible taxpayers under federal tax code 26 USCS Section 32.

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

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

Preserves the validity of all tax claims, assessments, appeals, and liens that arose before the act's effective date under existing income tax laws.

Takes effect January 1, 2025.