MS SB2307

Allows licensed public schoolteachers to claim a state income tax credit up to $500 annually for out-of-pocket expenses on classroom supplies, instructional materials, or equipment.

Requires teachers to be employed by the school district where supplies were purchased, hold a state teaching license, and work in an instruction area as defined by the State Department of Education.

Limits credit eligibility to expenditures that are approved in the local school spending plan and approved by the school principal, and prohibits credit if local or state funds are available for the same expense.

Effective for taxable years beginning January 1, 2011.