1997 Regular Session
To: Ways and Means
By: Representative Green (72nd)
House Bill 74
AN ACT TO CREATE A NEW CODE SECTION TO PROVIDE AN INCOME TAX CREDIT NOT TO EXCEED $1,500.00 FOR ATTORNEY'S FEES AND COURT COSTS ACTUALLY INCURRED FOR THE ADOPTION OF A CHILD; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. The following shall be codified in Chapter 7, Title 27, Mississippi Code of 1972:
There shall be allowed as a credit against the tax imposed by this chapter the actual expenses incurred as attorney's fees and court costs, not to exceed One Thousand Five Hundred Dollars ($1,500.00), for each dependent child legally adopted by a taxpayer under the laws of this state during calendar year 1997 or during any calendar year thereafter. The tax credit under this section may be claimed only for the taxable year in which the adoption becomes final under the laws of this state. A tax credit is not allowed under this section for any child for which an exemption is claimed during the same taxable year under paragraph (e) of Section 27-7-21.
SECTION 2. Nothing in this act shall affect or defeat any claim, assessment, appeal, suit, right or cause of action for taxes due or accrued under the income tax laws before the date on which this act becomes effective, whether such claims, assessments, appeals, suits or actions have been begun before the date on which this act becomes effective or are begun thereafter; and the provisions of the income tax laws are expressly continued in full force, effect and operation for the purpose of the assessment, collection and enrollment of liens for any taxes due or accrued and the execution of any warrant under such laws before the date on which this act becomes effective, and for the imposition of any penalties, forfeitures or claims for failure to comply with such laws.
SECTION 3. This act shall take effect and be in force from and after January 1, 1997.