Senate Bill 3065

AN ACT TO PROVIDE AN INCOME TAX CREDIT IN AN AMOUNT EQUAL TO ANY NON-REIMBURSED EXPENSES INCURRED BY VOLUNTEERS AS A RESULT OF HURRICANE KATRINA RELIEF WORK; TO PROVIDE AN INCOME TAX CREDIT IN AN AMOUNT EQUAL TO THE VALUE OF ANY PRODUCTS OR MATERIALS DONATED TO THE RELIEF EFFORT NECESSITATED AS A RESULT OF HURRICANE KATRINA, TO ALLOW THE CREDIT TO BE CARRIED BACK FOR ONE YEAR AND CARRIED FORWARD FOR FIVE CONSECUTIVE TAX YEARS; AND FOR RELATED PURPOSES.

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

SECTION 1. (1) There shall be allowed as a credit against the tax imposed by this chapter an amount equal to any non-reimbursed expenses incurred by volunteers as a result of relief work they perform in the six (6) southernmost counties of the state that is necessitated as a result of Hurricane Katrina.

(2) There shall be allowed as a credit against the tax imposed by this chapter in an amount equal to the value of any products or materials donated to the relief effort in the six (6) southernmost counties of the state necessitated as a result of Hurricane Katrina.

(3) To obtain the credit, the taxpayer shall provide the State Tax Commission such documentation as the commission may require.

(4) Any tax credit claimed under this section but not used in any taxable year may be carried forward for five (5) consecutive years from the close of the tax year in which the credits were earned. The credit that may be utilized in any one tax year shall be limited to an amount not greater than the total state income tax liability of the taxpayer.

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

SECTION 3. This act shall take effect and be in force from and after January 1, 2005.