Bill > HB720

This bill establishes a state income tax credit for Mississippi taxpayers who claim the federal child tax credit under 26 USCS Section 24. The credit will be $200 per child, with a maximum credit of $1,000 per taxpayer. To qualify, taxpayers must have claimed the federal child tax credit and provide a copy of their federal tax return to the Mississippi Department of Revenue. The credit cannot exceed the taxpayer's total state tax liability for the year, but any unused portion of the credit can be carried forward and applied to state taxes for up to five consecutive years after the year in which the credit was earned. The bill will take effect on January 1, 2025, and does not impact any tax claims, assessments, or rights that existed prior to its effective date. The new tax credit provision will be codified as a new section in Chapter 7, Title 27 of the Mississippi Code of 1972.

Budget and Finance

https://billstatus.ls.state.ms.us/2025/pdf/history/HB/HB0720.xml