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MS HB576
Bill
Status
Failed
2/26/2025
Primary Sponsor
Daryl Porter
Click for details
AI Summary
- Authorizes a $1,000 income tax credit for each person housed during a taxable year by taxpayers providing transitional housing to individuals released from incarceration for misdemeanor or felony convictions
- Credit available only to business enterprises (corporations, limited liability companies, partnerships, or sole proprietorships) engaged in commercial, industrial, or professional activities
- Credit cannot exceed the taxpayer's total tax liability in a given year, with unused credits carrying forward for five consecutive years
- Defines "transitional housing" as housing for individuals unable to obtain or having difficulty obtaining housing while transitioning from incarceration to society and achieving or maintaining independence
- Effective January 1, 2025
Legislative Description
Income tax; authorize a credit for certain taxpayers that provide transitional housing for individuals released from incarceration.
Last Action
Died In Committee
2/26/2025
Committee Referrals
Ways and Means1/15/2025
Full Bill Text
No bill text available