HB591

Mississippi HB591 provides a state income tax credit for taxpayers claiming the federal income child tax credit.

Mississippi HB591 allows taxpayers to claim a state income tax credit for each child for which they claimed a federal income child tax credit. The credit is up to $200 per child, with a maximum of $1,000 per taxpayer. Unused portions of the credit can be carried forward for five consecutive years. The credit is subject to the taxpayer's total tax liability and requires the taxpayer to claim the federal credit on their federal income tax return.