Bill Text: MS HB1548 | 2012 | Regular Session | Introduced
Bill Title: Income tax; increase tax credit allowed for child adoption expenses.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Failed) 2012-03-28 - Died In Committee [HB1548 Detail]
Download: Mississippi-2012-HB1548-Introduced.html
MISSISSIPPI LEGISLATURE
2012 Regular Session
To: Ways and Means
By: Representative Gunn
House Bill 1548
AN ACT TO AMEND SECTION 27-7-22.32, MISSISSIPPI CODE OF 1972, TO INCREASE THE AMOUNT OF THE STATE INCOME TAX CREDIT ALLOWED FOR CERTAIN EXPENSES INCURRED FOR THE ADOPTION OF A CHILD; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 27-7-22.32, Mississippi Code of 1972, is amended as follows:
27-7-22.32. There shall be allowed as a credit against the tax imposed by this chapter the amount of the qualified adoption expenses paid or incurred, not to exceed Two Thousand Five Hundred Dollars ($2,500.00), for each dependent child legally adopted by a taxpayer under the laws of this state during calendar year 2006 or during any calendar year thereafter through calendar year 2011, and not to exceed Ten Thousand Dollars ($10,000.00) for each dependent child legally adopted by a taxpayer under the laws of this state during calendar year 2012 or during any calendar year thereafter. The tax credit under this section may be claimed for the taxable year in which the adoption becomes final under the laws of this state. Any tax credit claimed under this section but not used in any taxable year may be carried forward for the three (3) succeeding tax years. A tax credit is not allowed under this section for any child for which an exemption is claimed during the same taxable year under Section 27-7-21(e). For the purposes of this section, the term "qualified adoption expenses" means and has the same definition as that term has in 26 USCS 36C.
SECTION 2. Nothing in this act shall affect or defeat any claim, assessment, appeal, suit, right or cause of action for taxes due or accrued under the income tax laws before the date on which this act becomes effective, whether such claims, assessments, appeals, suits or actions have been begun before the date on which this act becomes effective or are begun thereafter; and the provisions of the income tax laws are expressly continued in full force, effect and operation for the purpose of the assessment, collection and enrollment of liens for any taxes due or accrued and the execution of any warrant under such laws before the date on which this act becomes effective, and for the imposition of any penalties, forfeitures or claims for failure to comply with such laws.
SECTION 3. This act shall take effect and be in force from and after January 1, 2012.
