MS HB114

Creates the Mississippi Public School Relief Act providing an income tax credit for voluntary cash contributions to school tuition organizations or public schools.

Allows taxpayers to claim a credit of up to $500 for contributions to school tuition organizations (which must allocate at least 90% of revenue to educational scholarships or tuition grants) and up to $200 for contributions to qualified public schools, with unused credits carried forward up to 5 years.

Prohibits taxpayers from claiming both a tax credit and a deduction for the same contribution amount and prevents credits when contributions are designated for direct benefit of the taxpayer's dependents.

Amends school board authority to accept voluntary cash contributions and assistance from school tuition organizations, including designating such funds for tuition payments of transfer students.

Effective January 1, 2012.