2016 Mississippi Code
Title 27 - Taxation and Finance
Chapter 7 - Income Tax and Withholding
Article 1 - Income Tax
§ 27-7-22.38. Income tax credit for taxpayers employing certain honorably discharged veterans [Repealed effective January 1, 2018]

(1) Subject to the provisions of this section, a taxpayer that employs a person who is a new hire employed after January 1, 2015, who is an honorably discharged veteran, as defined in Title 38 of the United States Code, who served on active duty in the Armed Forces of the United States on or after September 11, 2001, and who has been unemployed for six (6) consecutive months immediately prior to being employed by the taxpayer, shall be allowed an annual credit against the taxes imposed under this chapter. The credit shall be for an annual amount equal to ten percent (10%) of the annual wages (as defined in Section 27-7-303) paid to each person so employed or Two Thousand Dollars ($ 2,000.00), whichever is the lesser, for each person so employed, for five (5) years. The credit may be claimed by the taxpayer once for each person hired. The tax credit may not be claimed for hiring a person whose employment was previously utilized to claim the tax credit. The tax credit shall not exceed the amount of tax imposed upon the taxpayer for the taxable year reduced by the sum of all other credits allowable to the taxpayer under this chapter, except credit for tax payments made by or on behalf of the taxpayer. Any tax credit claimed under this section but not used in any taxable year may be carried forward for five (5) consecutive years from the close of the tax year in which the credits were earned. In order to be eligible to claim a tax credit for an employee, the taxpayer must employ the employee for at least six (6) consecutive months during the year for which the credit is claimed and the employee must work an average of at least thirty (30) hours per week for the taxpayer during that time.

(2) The tax credits provided for in this section shall be in addition to any other credit authorized under law.

(3) The aggregate amount of tax credits that may be awarded under this section shall not exceed One Million Dollars ($ 1,000,000.00).

(4) Any taxpayer who is eligible for the credit authorized in this section before January 1, 2018, shall be eligible for the credit authorized in this section, notwithstanding the repeal of this section, and shall be allowed to carry forward the credit after January 1, 2018, as provided for in subsection (1) of this section.

(5) This section shall be repealed from and after January 1, 2018.