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Bill > SB2477

MS SB2477

MS SB2477
2023 Mississippi Tax Rebate Fund; establish and provide for one-time income tax rebate from.

summary

Introduced
01/16/2023
In Committee
01/16/2023
Crossed Over
Passed
Dead
01/31/2023

Introduced Session

2023 Regular Session

Bill Summary

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.

AI Summary

This bill establishes the 2023 Mississippi Tax Rebate Fund in the state treasury and provides a one-time, nontaxable income tax rebate to eligible taxpayers who filed 2021 and 2022 Mississippi income tax returns. The rebate amount is approximately 7.5% of the 2021 income tax due, or $50 per taxpayer and each dependent, whichever is greater, up to a maximum of $1,000 per taxpayer. The bill appropriates up to $250 million for the rebates, less administrative costs, which will be distributed by the Department of Revenue.

Committee Categories

Budget and Finance

Sponsors (1)

Last Action

Died In Committee (on 01/31/2023)

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