Lost

AMENDMENT NO 2 PROPOSED TO

House Bill No.  531

BY: Representative Summers

AMEND by inserting the following after line 7284 and renumbering the succeeding section accordingly:

" SECTION 54.  (1)  Any taxpayer allowed to claim a federal earned income tax credit under 26 USCS Section 32, shall be allowed a refundable credit against the taxes imposed under this chapter in the manner prescribed in this section.  The amount of the credit shall be equal to fifteen percent (15%) of the amount of the federal credit allowed under 26 USCS Section 32 claimed by the taxpayer on the taxpayer's federal income tax return.  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 the state income tax laws, 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)  To obtain the credit provided for in this section, a taxpayer must claim the federal credit allowed under 26 USCS Section 32 on the taxpayer's federal income tax return and must provide a copy of such return and any other information required by the Department of Revenue. 

     SECTION 55.  Section 54 of this act shall be codified as a new section in Chapter 7, Title 27, Mississippi Code of 1972."

     AMEND further the title to conform.