HB592

Mississippi HB592 provides a state income tax credit for taxpayers claiming the federal earned income tax credit.

Mississippi HB592 allows taxpayers who claim the federal earned income tax credit to receive a refundable state income tax credit. The credit equals five percent of the federal credit claimed on the taxpayer's federal income tax return. If the credit exceeds the taxpayer's state income tax liability, the excess amount is refunded by the Department of Revenue. The credit applies to claims made before and after the act's effective date of January 1, 2026.