MISSISSIPPI LEGISLATURE
2013 Regular Session
To: Finance
By: Senator(s) Hudson, Gandy
AN ACT TO AMEND SECTION 27-7-22.32, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT IF THE AMOUNT OF THE TAX CREDIT FOR QUALIFIED ADOPTION EXPENSES EXCEED THE TOTAL AMOUNT OF THE INCOME TAX LIABILITY OF THE TAXPAYER, THE TAXPAYER SHALL BE ALLOWED A REFUND FOR THE AMOUNT OF THE EXCESS; TO ALLOW THIS CREDIT TO BE CLAIMED DURING THE SAME TAXABLE YEAR FOR A CHILD FOR WHICH THE EXEMPTION FOR A DEPENDENT IS CLAIMED; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 27-7-22.32, Mississippi Code of 1972, is amended as follows:
27-7-22.32. (1)
There shall be allowed as a credit against the tax imposed by this chapter the
amount of the qualified adoption expenses paid or incurred, not to exceed Two
Thousand Five Hundred Dollars ($2,500.00), for each dependent child legally
adopted by a taxpayer under the laws of this state during calendar year 2006 or
during any calendar year thereafter. The tax credit under this section may be
claimed for the taxable year in which the adoption becomes final under the laws
of this state. * * *
If the amount of the tax credit claimed under this section * * * exceeds the total amount
of the state income tax imposed upon the taxpayer for the taxable year reduced
by the sum of all other credit 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, upon request, receive a refund from the Department of
Revenue for the amount of the excess. A tax credit is * * * allowed under this section for any child
for which an exemption is claimed during the same taxable year under Section 27-7-21(e).
For the purposes of this section, the term "qualified adoption
expenses" means and has the same definition as that term has in 26 USCS
23.
(2) Refund requests shall be submitted to the Department of Revenue on forms prescribed by the department and shall be accompanied by any information required by the department. Refunds shall be made from current collections.
SECTION 2. This act shall take effect and be in force from and after January 1, 2013.