HB202

Mississippi HB202 provides a state income tax credit for taxpayers who claim the federal income child tax credit.

Mississippi HB202 offers a state income tax credit to taxpayers who claim the federal income child tax credit. The credit is set at $1,200 per child for whom the federal credit is claimed. The credit can be used against the taxpayer's state tax liability and any unused credit can be carried forward for up to five years. The bill ensures that the provisions of the income tax laws remain in effect for assessing, collecting, and enforcing tax liabilities and penalties before and after the act's effective date.