MS HB478

Adds a new deduction to Mississippi income tax law for tuition, fees, and other required costs paid for higher education at public or private universities, colleges, or community/junior colleges for the taxpayer or their dependents.

Allows married individuals filing joint or combined returns to deduct up to $1,000 in higher education costs as an adjustment to gross income.

Allows single individuals to deduct up to $500 in higher education costs as an adjustment to gross income.

Effective January 1, 2010, with no impact on tax claims or assessments accrued prior to the effective date.