House Bill 1394

AN ACT TO AUTHORIZE AN INCOME TAX CREDIT FOR EXPENSES PAID BY A TAXPAYER NECESSARY FOR THE HOMESCHOOLING OF A CHILD; TO PROVIDE FOR THE AMOUNT OF THE TAX CREDIT; TO LIMIT THE AMOUNT OF THE TAX CREDIT THAT MAY BE CLAIMED IN A TAXABLE YEAR; TO PROVIDE THAT ANY TAX CREDIT CLAIMED BUT NOT USED IN A TAXABLE YEAR MAY BE CARRIED FORWARD FOR FIVE YEARS; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. (1) A taxpayer who pays expenses necessary for the homeschooling of a child who is a dependent of the taxpayer shall be allowed a credit against the taxes imposed under this chapter in the amount provided in this section. The tax credit authorized in this section shall be claimed for the taxable year in which the expenses are paid. Subject to the provisions of this section, the tax credit authorized in this section shall be equal to the lesser of the amount of such expenses paid by a taxpayer for a child during a taxable year or the average state expenditure for the child as a student under the Mississippi Adequate Education Program for the taxable year. The aggregate amount of credits that may be claimed by a taxpayer under this section for a taxable year shall not exceed the amount of income tax due the State of Mississippi from the taxpayer for the taxable year reduced by the sum of all other credits allowable to the taxpayer under the state income tax laws, except credit for tax payments made by or on behalf of the taxpayer. Any tax credit claimed under this section but not used in a taxable year may be carried forward for five (5) years from the close of the tax year in which the expenses were paid.

(2) Expenses for which a credit may be claimed under this subsection include the costs of textbooks, school supplies, curricula, distance learning and/or other instructional materials expenses necessary for the homeschooling of a child. For the purposes of this subsection, a child is "homeschooled" if the child is being educated by private teachers, parents, guardians or custodians in a legitimate home instruction program, as described in the Mississippi Compulsory School Attendance Law (Section 37-13-91).

SECTION 2. Section 1 of this act shall be codified as a new section in Chapter 7, Title 27, Mississippi Code of 1972.

SECTION 3. Nothing in this act shall affect or defeat any claim, assessment, appeal, suit, right or cause of action for taxes due or accrued under the income tax laws before the date on which this act becomes effective, whether such claims, assessments, appeals, suits or actions have been begun before the date on which this act becomes effective or are begun thereafter; and the provisions of the income tax laws are expressly continued in full force, effect and operation for the purpose of the assessment, collection and enrollment of liens for any taxes due or accrued and the execution of any warrant under such laws before the date on which this act becomes effective, and for the imposition of any penalties, forfeitures or claims for failure to comply with such laws.

SECTION 4. This act shall take effect and be in force from and after January 1, 2018.