MISSISSIPPI LEGISLATURE
2013 Regular Session
To: Finance
By: Senator(s) Gandy, Hudson, McDaniel, Lee, Fillingane, Sojourner, Watson, Burton, Wilemon, Longwitz, Smith, Wiggins
AN ACT TO AMEND SECTION 27-7-22.32, MISSISSIPPI CODE OF 1972, TO AUTHORIZE THE INCOME TAX CREDIT FOR THE AMOUNT OF QUALIFIED ADOPTION EXPENSES PAID OR INCURRED BY A TAXPAYER TO BE ALLOWED IN THE SAME TAXABLE YEAR FOR A CHILD FOR WHICH AN EXEMPTION 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. 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 tax credit claimed under this section but not used in any taxable
year may be carried forward for the three (3) succeeding tax years. 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.
SECTION 2. This act shall take effect and be in force from and after January 1, 2013.