MISSISSIPPI LEGISLATURE

1999 Regular Session

To: Universities and Colleges; Ways and Means

By: Representative Bourdeaux

AN ACT TO PROVIDE THAT THE BOARD OF TRUSTEES OF STATE INSTITUTIONS OF HIGHER LEARNING SHALL ADMINISTER A PROGRAM IN WHICH A BUSINESS ENTERPRISE OR CORPORATION MAY CONTRACT WITH AN INDIVIDUAL FOR TUITION PAYMENT; TO PROVIDE THAT THE BUSINESS ENTERPRISE OR CORPORATION SHALL BE GRANTED A FIFTY PERCENT INCOME TAX CREDIT FOR THE AMOUNT OF TUITION PAID; AND FOR RELATED PURPOSES.

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

SECTION 1. (1) The Board of Trustees of State Institutions of Higher Learning shall administer a program in which a business enterprise or corporation doing business in this state may contract with an individual to allow that individual to attend any of the junior colleges, community colleges or institutions of higher learning in the state. The contract shall provide that the business enterprise or corporation shall pay the tuition for the individual. The contract may provide that the individual work on a part-time basis for the business enterprise or corporation during the individual's schooling; however, there shall be no requirement that the business enterprise or corporation must hire the individual or that the individual must work for the business enterprise or corporation after the completion of the schooling. No officer or board member of the business enterprise or corporation shall be related to the individual with whom the contract is executed.

(2) Any business enterprise or corporation that pays the tuition as provided in Section 1 of this act shall be granted a fifty percent (50%) income tax credit for the amount of tuition paid. A deduction shall not be allowed for any expenses which serve as the basis for an income tax credit. The credits allowed under this act shall not be used by any business enterprise or corporation other than the business enterprise or corporation actually qualifying for the credits. Credit may be carried forward for the five (5) successive years if the amount allowable as credit exceeds income tax liability in a tax year; however, thereafter, if the amount allowable as a credit exceeds the tax liability, the amount of excess shall not be refundable or carried forward to any other taxable year. Business enterprises or corporations must be certified as eligible for the tax credit by the Board of Trustees of State Institutions of Higher Learning.

SECTION 2. This act shall take effect and be in force from and after July 1, 1999.