MS SB3110

Allows taxpayers to claim an income tax credit equal to the full amount of voluntary contributions made to the Mississippi Tuition Assistance Program or similar programs providing financial aid to students at Mississippi community colleges or state-supported institutions of higher learning

Tax credit cannot exceed the taxpayer's actual tax liability and must be claimed in the year the contribution is made

Any unused credit amount that exceeds tax liability is not refundable and cannot be carried forward to future tax years

Taxpayers cannot claim both a tax credit and a tax deduction for the same contribution under Section 27-7-17

Effective January 1, 2010