MS HB578

Authorizes a $1,000 income tax credit for taxpayers who employ individuals released from incarceration for misdemeanor convictions or nonviolent felony convictions.

Limits tax credit eligibility to business enterprises operating as corporations, limited liability companies, partnerships, or sole proprietorships.

Requires employees to be employed for at least nine (9) months during the taxable year to qualify for the credit.

Allows unused tax credits to be carried forward for five (5) consecutive years and restricts annual credit use to the taxpayer's total tax liability for that year.

Takes effect January 1, 2025.