Bill Text: MS SB2477 | 2023 | Regular Session | Introduced
Bill Title: 2023 Mississippi Tax Rebate Fund; establish and provide for one-time income tax rebate from.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Failed) 2023-01-31 - Died In Committee [SB2477 Detail]
Download: Mississippi-2023-SB2477-Introduced.html
MISSISSIPPI LEGISLATURE
2023 Regular Session
To: Finance
By: Senator(s) Hopson
Senate Bill 2477
AN ACT TO CREATE NEW SECTION 27-7-5.1, MISSISSIPPI CODE OF 1972, TO ESTABLISH THE 2023 MISSISSIPPI TAX REBATE FUND IN THE STATE TREASURY; TO PROVIDE THAT UP TO $250,000,000.00, LESS ADMINISTRATIVE COSTS, SHALL BE DISTRIBUTED BY THE DEPARTMENT OF REVENUE TO PAY REBATES TO TAXPAYERS, WHICH MONIES ARE TO BE CONTINUOUSLY APPROPRIATED; TO PROVIDE THAT, AFTER FILING A 2022 MISSISSIPPI INCOME TAX RETURN, ANY TAXPAYER WHO ALSO FILED A 2021 MISSISSIPPI INCOME TAX RETURN SHALL RECEIVE A ONE-TIME, NONTAXABLE INCOME TAX REBATE CHECK IN AN AMOUNT APPROXIMATELY EQUAL TO 7-1/2% OF THE 2021 INCOME TAX AMOUNT DUE, IF ANY, BEFORE THE APPLICATION OF ANY TAX CREDITS, OR $50.00 PER TAXPAYER AND EACH DEPENDENT, WHICHEVER IS MORE; TO PROVIDE A $1,000.00 REBATE CAP PER TAXPAYER; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. The following shall be codified as Section 27-7-5.1, Mississippi Code of 1972:
27-7-5.1. (1) There is hereby created in the State Treasury a special fund to be designated as the "2023 Mississippi Tax Rebate Fund" for the purpose of implementing the provisions of this section. Up to Two Hundred Fifty Million Dollars ($250,000,000.00), less administrative costs, shall be distributed by the department to pay rebates to taxpayers as provided in this section, which monies are to be continuously appropriated.
(2) After filing a 2022 Mississippi income tax return, any taxpayer who also filed a 2021 Mississippi income tax return shall receive a one-time, nontaxable income tax rebate check in an amount approximately equal to seven and one-half percent (7-1/2%) of the tax amount, if any, reported on 2021 Form 80-105, line 17, or on 2021 Form 80-205, line 20, or Fifty Dollars ($50.00) per taxpayer and each dependent, whichever is more. However, no eligible taxpayer shall received more than One Thousand Dollars ($1,000.00) under this section.
SECTION 2. This act shall take effect and be in force from and after July 1, 2023.
