MISSISSIPPI LEGISLATURE

1997 Regular Session

To: Ways and Means

By: Representative Reynolds

House Bill 1099

AN ACT TO PROVIDE A CREDIT AGAINST STATE INCOME TAXES FOR AN INDIVIDUAL RESIDENT TAXPAYER FOR TUITION PAID FOR THE TAXPAYER OR A DEPENDENT CHILD OF THE TAXPAYER TO ATTEND A PRIVATE OR PUBLIC UNIVERSITY, COLLEGE OR COMMUNITY/JUNIOR COLLEGE IN THIS STATE; AND FOR RELATED PURPOSES. 

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

SECTION 1. (1) For individual resident taxpayers of Mississippi, there shall be allowed as a credit against the tax imposed by this chapter, the amount paid by the taxpayer during the taxable year for the costs of tuition for the taxpayer or for a dependent child of the taxpayer to attend a private or public university, college or community/junior college in this state not to exceed the following:

(a) Five Hundred Dollars ($500.00) for each of the first two (2) taxable years that the credit is claimed; and

(b) One Thousand Dollars ($1,000.00) for each of two (2) additional taxable years that the credit is claimed.

(2) If the amount allowable as a credit under this section exceeds the tax imposed by this chapter, the amount of such excess shall not be refundable or carried forward to any other taxable year.

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

SECTION 3. This act shall take effect and be in force from and after January 1, 1997.