Bill > HB592

This bill establishes a new state income tax credit for Mississippi taxpayers who have claimed the federal earned income tax credit, which is a tax credit designed to help low-to-moderate-income working individuals and families. Specifically, the bill provides a state tax credit equal to five percent (5%) of the amount of the federal earned income tax credit claimed by the taxpayer. If this state credit amount is more than the state income tax the taxpayer owes after accounting for other state tax credits, the taxpayer will receive a refund for the difference from the Department of Revenue. To qualify for this state credit, taxpayers must have claimed the federal earned income tax credit on their federal tax return and provide a copy of that return and any other requested information to the state. This new provision will be added to existing state income tax laws and will become effective on January 1, 2026, without affecting any taxes due or accrued before that date.

Budget and Finance

https://billstatus.ls.state.ms.us/2026/pdf/history/HB/HB0592.xml