MS HB430

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

Defines eligible students as those enrolled in at least six semester hours, making steady academic progress, and maintaining a cumulative grade point average of at least 2.0 on a 4.0 scale.

Limits credit to the lesser of $500 or the taxpayer's tax liability reduced by other allowable credits, with unused portions carried forward up to three succeeding taxable years.

Requires students to be enrolled for at least one semester during the taxable year in which the credit is claimed.

Effective January 1, 2012, with no retroactive effect on taxes due or accrued before the enactment date.