Senate Bill 3110

AN ACT TO AUTHORIZE AN INCOME TAX CREDIT FOR CONTRIBUTIONS MADE BY A TAXPAYER TO THE MISSISSIPPI TUITION GRANT ASSISTANCE PROGRAM OR ANY OTHER SIMILAR PROGRAM ESTABLISHED TO PROVIDE FINANCIAL ASSISTANCE TO STUDENTS ATTENDING MISSISSIPPI COMMUNITY COLLEGES OR INSTITUTIONS OF HIGHER LEARNING; AND FOR RELATED PURPOSES.

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

SECTION 1. (1) For any taxpayer who makes a voluntary contribution to the Mississippi Tuition Assistance Program or any other similar program established to provide financial assistance to students attending Mississippi community colleges or state-supported institutions of higher learning, a credit against the taxes imposed by this chapter shall be allowed in an amount equal to such contribution.

(2) The tax credit allowed by this section shall not exceed the amount of taxes due the State of Mississippi and may be claimed only in the year in which the contribution is made. Any amount allowable as a credit pursuant to this section that exceeds the employer's tax liability shall not be refundable or carried forward to any other taxable year.

(3) Amounts utilized by the taxpayer as a credit pursuant to this section shall not be utilized by the taxpayer as a deduction under Section 27-7-17.

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

SECTION 3. This act shall take effect and be in force from and after January 1, 2010.