House Bill 42

AN ACT TO AUTHORIZE A REFUNDABLE INCOME TAX CREDIT FOR TAXPAYERS WHO SERVE AS VOLUNTEER FIREFIGHTERS; TO PROVIDE THE AMOUNT OF THE TAX CREDIT; TO PROVIDE THAT IF THE AMOUNT OF TAX CREDIT CLAIMED BY A TAXPAYER EXCEEDS THE AMOUNT OF INCOME TAX IMPOSED UPON THE TAXPAYER FOR THE TAXABLE YEAR, THEN THE TAXPAYER SHALL RECEIVE A REFUND FROM THE DEPARTMENT OF REVENUE FOR THE AMOUNT OF SUCH EXCESS; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. (1) Subject to the provisions of this section, a taxpayer shall be allowed a refundable credit against the income taxes imposed under this chapter for the taxable year in which the taxpayer served in active service as a volunteer firefighter. The amount of the credit shall be Five Hundred Dollars ($500.00). If the amount of credit claimed by a taxpayer exceeds the amount of income tax imposed upon the taxpayer for the taxable year reduced by the sum of all other credits allowable to the taxpayer under this chapter, except credit for tax payments made by or on behalf of the taxpayer, then the taxpayer shall receive a refund from the Department of Revenue for the amount of such excess.

(2) In order to receive the tax credit authorized in this section, a taxpayer must provide documentation on a form prepared by the Department of Revenue and verified by the appropriate county fire coordinator that the taxpayer is actively serving as a volunteer firefighter and has continuously served in such capacity for at least three (3) consecutive years. The State Fire Marshal shall promulgate rules and regulations to assist county fire coordinators in defining and prescribing those persons who may qualify for the tax credit authorized under this section as active service volunteer firefighters.

SECTION 2. Section 1 of this act shall be codified as a separate section in Chapter 7, Title 27, Mississippi Code of 1972.

SECTION 3. This act shall take effect and be in force from and after January 1, 2018.