MISSISSIPPI LEGISLATURE

1999 Regular Session

To: Finance

By: Senator(s) Canon, Ross

AN ACT TO CREATE A NEW CODE SECTION TO BE CODIFIED AS SECTION 27-7-6, MISSISSIPPI CODE OF 1972, TO PROVIDE AN INCOME TAX CREDIT TO INDIVIDUAL NONBUSINESS TAXPAYERS; TO PROVIDE THAT THE AMOUNT OF SUCH CREDIT SHALL BE TEN PERCENT OF THE INCOME TAX IMPOSED ON THE TAXPAYER FOR THE TAXABLE YEAR REDUCED BY THE SUM OF ALL OTHER CREDITS ALLOWABLE TO SUCH TAXPAYER UNDER THE STATE INCOME TAX LAWS; AND FOR RELATED PURPOSES.

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

SECTION 1. The following shall be codified as Section 27-7-6, Mississippi Code of 1972:

27-7-6. For any individual nonbusiness taxpayer against whom taxes are imposed under this chapter, there shall be a credit allowed against such taxes as provided in this section. The amount of the credit provided in this section shall be ten percent (10%) of the amount of tax imposed on the taxpayer under this chapter for the taxable year, reduced by the sum of all other credits allowable to such taxpayer under this chapter, except credit for tax payments made by or on behalf of the taxpayer. The tax credit provided in this section shall apply to the 2001 calendar year and each calendar year thereafter.

SECTION 2. This act shall take effect and be in force from and after July 1, 1999.