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MS HB720
Bill
Status
2/26/2025
Primary Sponsor
Zakiya Summers
Click for details
AI Summary
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Establishes a state income tax credit of $200 per child for taxpayers claiming the federal child tax credit under 26 USCS Section 24, with a maximum credit of $1,000 per taxpayer per year.
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Limits annual credit usage to the taxpayer's total state tax liability, with unused portions carried forward for five consecutive years.
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Requires taxpayers to claim the federal child tax credit on their federal return and provide a copy to the Mississippi Department of Revenue to claim the state credit.
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Codifies the credit as a new section in Chapter 7, Title 27 of the Mississippi Code.
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Takes effect January 1, 2025.
Legislative Description
Income tax; provide a credit for taxpayers who claim a federal income child tax credit.
Last Action
Died In Committee
2/26/2025