MS HB389

Authorizes an income tax credit of up to $500 for taxpayers enrolled as eligible students at Mississippi community colleges, junior colleges, or universities pursuing an associate or baccalaureate degree.

Defines "eligible student" as someone enrolled in at least 6 semester hours working toward an associate degree, or holding an associate degree while enrolled in at least 6 semester hours toward a baccalaureate degree.

Requires eligible students to maintain steady academic progress and a cumulative grade point average of at least 2.0 on a 4.0 scale.

Allows unused portions of the tax credit to be carried forward to the next three succeeding taxable years.

Takes effect January 1, 2011.