MS HB1679

Allows Mississippi taxpayers who claim the federal child tax credit under 26 USCS Section 24 to claim a state income tax credit of $1,200 per child.

Limits annual credit usage to the taxpayer's total state tax liability, with any unused portions carried forward for five consecutive tax years.

Requires taxpayers to claim the federal credit on their federal return and provide a copy to the Mississippi Department of Revenue to obtain the state credit.

Takes effect January 1, 2025, and does not affect any tax assessments, claims, or actions for taxes accrued before the effective date.