HB112

Mississippi HB112 provides a state income tax credit for taxpayers who claim the federal earned income tax credit.

Mississippi HB112 allows a refundable credit against state income taxes for taxpayers who claim the federal earned income tax credit. The credit amount is equal to ten percent of the federal credit claimed. If the credit exceeds the state income tax owed, the taxpayer receives a refund for the excess amount. The act ensures that the provisions continue in force for assessing, collecting, and enforcing tax laws. The credit applies to claims made before and after the act's effective date, which is January 1, 2025.