MS HB382

Taxpayers receive a 10% income tax credit for textbook costs paid for themselves or dependents enrolled as resident students in at least 6 semester hours at Mississippi public or private universities, colleges, community colleges, or junior colleges.

Textbooks must be required or recommended for use by the course instructor to qualify for the credit.

Taxpayers may claim the credit for any year or years during a 5-year consecutive period of eligibility.

The credit cannot exceed the taxpayer's tax liability for the year minus all other allowable credits, with unused portions carried forward for up to one additional year.

The act takes effect January 1, 2012.