Bill Text: MS HB1671 | 2016 | Regular Session | Introduced
Bill Title: Income tax; authorize a credit for costs incurred by taxpayer for participation in Mississippi Emergency Access Program.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2016-03-16 - Died In Committee [HB1671 Detail]
Download: Mississippi-2016-HB1671-Introduced.html
MISSISSIPPI LEGISLATURE
2016 Regular Session
To: Ways and Means
By: Representative Coleman
House Bill 1671
AN ACT TO AUTHORIZE AN INCOME TAX CREDIT FOR TAXPAYERS WHO INCUR COSTS FOR PARTICIPATION IN THE MISSISSIPPI EMERGENCY ACCESS PROGRAM; TO PROVIDE THE AMOUNT OF THE TAX CREDIT; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Subject to the provisions of this section, a taxpayer who incurs costs for participation in the Mississippi Emergency Access Program (MEAP) shall be allowed a credit against the taxes imposed under this chapter. The credit shall be for an amount equal to the lesser of Five Hundred Dollars ($500.00) or the amount of costs incurred by the taxpayer during the taxable year for participation in the MEAP. However, the tax credit shall not exceed the amount of tax imposed upon the taxpayer for the taxable year reduced by the sum of all other credits allowable to the taxpayer under this chapter, except credit for tax payments made by or on behalf of the taxpayer.
SECTION 2. Section 1 of this act shall be codified as a new section in Chapter 7, Title 27, Mississippi Code of 1972.
SECTION 3. This act shall take effect and be in force from and after January 1, 2016.
