MISSISSIPPI LEGISLATURE

2013 Regular Session

To: Finance

By: Senator(s) Hudson, Gandy

Senate Bill 2432

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. * * *Any  If the amount of the tax credit claimed under this section * * *but not used in any taxable year may be carried forward for the three (3) succeeding tax years 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 * * *not 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.