Senate Bill 2039

AN ACT TO PROVIDE AN INCOME TAX CREDIT FOR COSTS INCURRED BY A TAXPAYER RELATED TO KEEPING A RELATIVE OF THE TAXPAYER WHO IS SIXTY-FIVE YEARS OF AGE OR OLDER IN THE TAXPAYER'S HOUSEHOLD; TO LIMIT THE MAXIMUM AMOUNT OF THE CREDIT; TO PROVIDE THAT ANY UNUSED TAX CREDIT SHALL NOT BE ALLOWED TO BE CARRIED FORWARD TO APPLY TO THE TAXPAYER'S SUCCEEDING YEARS' TAX LIABILITY; AND FOR RELATED PURPOSES.

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

SECTION 1. (1) A taxpayer shall be allowed a credit against the income taxes imposed under this chapter in an amount equal to the expenses the taxpayer incurs during the taxable year related to keeping a relative of the taxpayer who is sixty-five (65) years of age or older in the taxpayer's household.

(2) The credit allowed by this section shall not exceed One Thousand Dollars ($1,000.00) or the taxpayers income tax liability, whichever is less. Any unused tax credit shall not be allowed to be carried forward to apply to the taxpayer's succeeding years' tax liability.

SECTION 2. Section 1 of this act shall be codified 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, 2006.