Senate Bill 2922

AN ACT TO CREATE NEW SECTION 27-7-5.1, MISSISSIPPI CODE OF 1972, TO ESTABLISH THE 2022 MISSISSIPPI TAX REBATE FUND IN THE STATE TREASURY; TO PROVIDE THAT UP TO $150,000,000.00, 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 2021 MISSISSIPPI INCOME TAX RETURN, ANY TAXPAYER WHO ALSO FILED A 2020 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 2020 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 "2022 Mississippi Tax Rebate Fund" for the purpose of implementing the provisions of this section. Up to One Hundred Fifty Million Dollars ($150,000,000.00), 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 2021 Mississippi income tax return, any taxpayer who also filed a 2020 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 2020 Form 80-105, line 17, or on 2020 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, 2022.