MS HB90

Authorizes individual Mississippi taxpayers to deduct contributions to qualified tuition programs (as defined in Section 529 of the Internal Revenue Code) as a nonbusiness deduction.

Limits the maximum annual deduction to $20,000 for joint filers and $10,000 for single and other filers.

Allows contributions or payments for a tax year to be made after the calendar year ends but before the federal individual retirement account contribution deadline for that year.

Applies the same deduction rules to nonresident individuals, but only for the proportion of income derived from sources within Mississippi.

Effective January 1, 2010.