Bill Text: MS SB2067 | 2016 | Regular Session | Introduced


Bill Title: Working Families Tax Credit Act; create to authorize an income tax credit in an amount equal to a portion of the earned income tax.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2016-03-16 - Died In Committee [SB2067 Detail]

Download: Mississippi-2016-SB2067-Introduced.html

MISSISSIPPI LEGISLATURE

2016 Regular Session

To: Finance

By: Senator(s) Fillingane

Senate Bill 2067

AN ACT TO CREATE THE WORKING FAMILIES TAX CREDIT ACT; TO AUTHORIZE AN INCOME TAX CREDIT IN AN AMOUNT EQUAL TO A PORTION OF THE AMOUNT OF THE FEDERAL EARNED INCOME TAX CREDIT LAWFULLY CLAIMED BY A TAXPAYER; AND FOR RELATED PURPOSES.

     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

     SECTION 1.  (1)  Except as otherwise provided in this section, beginning with the 2016 taxable year a taxpayer shall be allowed a credit against the taxes imposed by this chapter in an amount equal to fifteen percent (15%) of the amount of the earned income tax credit lawfully claimed for the taxable year by the taxpayer on his or her federal income tax return.  If the amount allowable as a credit under this section exceeds the tax imposed by this chapter, the amount of such excess shall not be refundable or carried forward to any other taxable year.

     (2)  The credit shall be operable only for taxable years in which the following conditions exist as certified by the State Fiscal Officer to the Commissioner of Revenue by August 15 of the taxable year:

          (a)  The balance in the Working Cash-Stabilization Reserve Fund created in Section 27-103-203 is at the statutory maximum on July 1 of the taxable year; and

          (b)  General Fund revenue collection for the fiscal year ending on June 30 of the taxable year exceeded the previous fiscal year's General Fund revenue collections by three percent (3%).

     SECTION 2.  This act shall be known and may be cited as the Working Families Tax Credit Act.

     SECTION 3.  Section 1 of this act shall be codified in Chapter 7, Title 27, Mississippi Code of 1972.

     SECTION 4.  This act shall take effect and be in force from and after January 1, 2016.

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