Income tax; provide a credit for taxpayers who claim a federal income child tax credit.

HB 720 would create a Mississippi state income tax credit for taxpayers who claim the federal child tax credit. It provides a $200 credit per child (capped at $1,000 total per return), directly benefiting low-to-moderate-income families who already qualify for the federal credit. Unused portions of the credit could be carried forward for up to five years. The bill requires taxpayers to claim the federal credit on their federal return and submit proof to Mississippi's Department of Revenue. It would take effect January 1, 2025, but died in committee before passing.