House Bill 38

AN ACT TO PROVIDE AN INCOME TAX CREDIT FOR A TAXPAYER WHO IS A PARENT OR GUARDIAN OF A DEPENDENT CHILD WHO IS A HIGH SCHOOL STUDENT MAINTAINING A CUMULATIVE GRADE POINT AVERAGE OF AT LEAST 3.0 ON A 4.0 SCALE FOR THE SPRING AND FALL SEMESTERS OF THE TAXABLE YEAR; TO PROVIDE THE AMOUNT OF THE TAX CREDIT; TO LIMIT THE AMOUNT OF THE TAX CREDIT THAT MAY BE CLAIMED IN A TAXABLE YEAR; TO AUTHORIZE ANY TAX CREDIT CLAIMED BUT NOT USED IN ANY TAXABLE YEAR TO BE CARRIED FORWARD FOR FIVE CONSECUTIVE YEARS; AND FOR RELATED PURPOSES.

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

SECTION 1. Subject to the provisions of this section, a taxpayer who is a parent or guardian of a child who is a dependent of the taxpayer and which child is a high school student maintaining a cumulative grade point average of at least 3.0 on a 4.0 scale for the spring and fall semesters of the taxable year, shall be allowed a credit against the taxes imposed under this chapter. The credit shall be for an amount equal to the lesser of Two Hundred Fifty Dollars ($250.00) or the amount of tax imposed upon the taxpayer for the taxable year reduced by the sum of all other credits allowable to the taxpayer under this chapter, except credit for tax payments made by or on behalf of the taxpayer. In the case of married individuals filing separate returns, each person may claim an amount not to exceed one-half (1/2) of the tax credit that would have been allowed for a joint return. Any tax credit claimed under this section but not used in any taxable year may be carried forward for five (5) consecutive years from the close of the tax year in which the credits were earned. For the purposes of this section, the term "high school" means grades nine through twelve, inclusive, of a school. For the purposes of this section, the term "school" means and has the same definition as that term has in 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, 2013.