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

HB 592 creates a Mississippi state income tax credit equal to 5% of the federal Earned Income Tax Credit (EITC) amount claimed on a taxpayer's federal return. It directly affects Mississippi taxpayers who qualify for and claim the federal EITC, typically low-to-moderate-income workers and families. The credit is refundable, meaning if it exceeds the taxpayer's state income tax liability, they receive a cash refund from the Mississippi Department of Revenue. The bill takes effect January 1, 2026, and requires taxpayers to submit their federal tax return as proof of eligibility.