Section 27-7-22.32 - Income tax credit for certain qualified adoption expenses(1)(a) 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 Five Thousand Dollars ($5,000.00), for each dependent child residing outside Mississippi but legally adopted by a taxpayer under the laws of this state during calendar year 2023 or during any calendar year thereafter. A taxpayer claiming a credit under this paragraph (a) may not claim a credit under paragraph (b) of this subsection for the adoption of the same child.(b) There shall be allowed as a credit against the tax imposed by this chapter the amount of Ten Thousand Dollars ($10,000.00) for each dependent child residing in Mississippi and legally adopted by a taxpayer under the laws of this state during calendar year 2023 or during any calendar year thereafter. A taxpayer claiming a credit under this paragraph (b) may not claim a credit under paragraph (a) of this subsection for the adoption of the same child.(2) 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 five (5) 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. Laws, 2006, ch. 518, § 1, eff. 1/1/2006.Amended by Laws, 2023, ch. 521, SB 2696,§ 1, eff. 7/1/2023.Amended by Laws, 2020, ch. 453, HB 1729,§ 4, eff. 7/1/2020.Amended by Laws, 2019, ch. 484, HB 1613,§ 4, eff. 1/1/2019.Amended by Laws, 2018, ch. 437, HB 1566,§ 2, eff. 1/1/2018.Amended by Laws, 2013, ch. 449, SB 2833, 1, eff. 1/1/2013.