MISSISSIPPI LEGISLATURE
2016 Regular Session
To: Finance
By: Senator(s) Blackmon, Simmons (13th), Kirby, Jordan, Tindell, Jackson (11th), Jackson (32nd), Jackson (15th), Doty, Caughman, Blackwell, Burton, Branning, Seymour, Stone, Dearing, Barnett, Frazier, Witherspoon, Norwood, Jolly, Harkins, McMahan, Butler, Wilemon, Blount, Dawkins, Younger, Hudson, Hill, Turner, Horhn, Simmons (12th)
AN ACT TO AUTHORIZE AN INCOME TAX CREDIT FOR ACTIVE MEMBERS OF THE ARMED FORCES OF THE UNITED STATES; TO PROVIDE FOR THE AMOUNT OF SUCH CREDIT; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. (1) A taxpayer who is an active member of the Armed Forces of the United States shall be allowed a tax credit against the taxes imposed under this chapter in the amount of ten percent (10%) of the taxes that the taxpayer would have owed under this chapter absent the credit authorized by this section.
(2) In order to receive the tax credit authorized in this section, a taxpayer must include with his or her return such documentation as the Department of Revenue shall require.
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, 2016.