Mississippi SB2860 provides a state income tax credit for taxpayers claiming the federal Earned Income Tax Credit.
Mississippi SB2860 offers a state income tax credit for taxpayers who claim the federal Earned Income Tax Credit. The credit equals 20% of the federal credit amount. If the credit exceeds the taxpayer's state income tax, a refund is issued by the Department of Revenue. The act ensures the credit applies to taxes due or accrued before and after its effective date.
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- Critical Issues
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