House Bill 1424

AN ACT TO PROVIDE AN INCOME TAX CREDIT TO TAXPAYERS FOR A PORTION OF THE COSTS PAID BY THE TAXPAYER FOR TEXTBOOKS USED BY THE TAXPAYER OR A DEPENDENT OF THE TAXPAYER WHILE ENROLLED AS A RESIDENT STUDENT IN A COURSE OR COURSES AT A PUBLIC OR PRIVATE UNIVERSITY, COLLEGE, COMMUNITY COLLEGE OR JUNIOR COLLEGE IN THIS STATE; TO LIMIT THE PERIOD OF TIME WITHIN WHICH THE TAX CREDIT MAY BE CLAIMED; TO LIMIT THE MAXIMUM AMOUNT OF THE CREDIT; TO ALLOW ANY UNUSED TAX CREDIT TO BE CARRIED FORWARD ONE YEAR; AND FOR RELATED PURPOSES.

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

SECTION 1. (1) A taxpayer shall be allowed a credit against the income taxes imposed under this chapter in an amount equal to ten percent (10%) of the costs paid during the taxable year for textbooks for himself or for a dependent of the taxpayer while the taxpayer or his dependent was enrolled as a resident student in a course or courses totaling at least six (6) semester hours at a public or private university, college, community college or junior college in this state. The textbooks must have been required or recommended for use by the course instructor.

(2) A taxpayer may claim the tax credit under this section for any year or years during a period of five (5) successive years in which the taxpayer is eligible for the credit.

(3) The credit provided for in this section shall not exceed the amount of tax imposed upon the taxpayer for the taxable year reduced by the sum of all other credits allowable to such taxpayer under this chapter, except credit for tax payments made by or on behalf of the taxpayer. Any unused portion of the tax credit may be carried forward for a period of time not to exceed one (1) year.

SECTION 2. Section 1 of this act shall be codified as a separate code 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, 2011.