Bill Text: MS SB2159 | 2010 | Regular Session | Introduced
Bill Title: Income taxation; authorize a credit for payment of health insurance premiums.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Failed) 2010-02-24 - Died In Committee [SB2159 Detail]
Download: Mississippi-2010-SB2159-Introduced.html
MISSISSIPPI LEGISLATURE
2010 Regular Session
To: Finance
By: Senator(s) Flowers
Senate Bill 2159
AN ACT TO PROVIDE AN INCOME TAX CREDIT FOR PREMIUMS PAID DURING THE TAXABLE YEAR FOR HEALTH INSURANCE; TO LIMIT THE MAXIMUM AMOUNT OF THE CREDIT; TO PROVIDE THAT ANY UNUSED TAX CREDIT SHALL NOT BE ALLOWED TO BE CARRIED FORWARD TO APPLY TO THE TAXPAYER'S SUCCEEDING YEARS' TAX LIABILITY; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. (1) A taxpayer shall be allowed a credit against the income taxes imposed under this chapter in an amount equal to amounts paid by the taxpayer as premiums for health insurance covering the taxpayer and any dependents of the taxpayer.
(2) No taxpayer shall be entitled to the credit with respect to the same expended amounts for health insurance premiums which are claimed by another taxpayer.
(3) The credit allowed by this section shall not exceed Five Hundred Dollars ($500.00) or the taxpayer's income tax liability, whichever is less. Any unused tax credit shall not be allowed to be carried forward to apply to the taxpayer's succeeding year's tax liability.
SECTION 2. Section 1 of this act shall be codified 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, 2010.
