MS HB578

Authorizes individual taxpayers to deduct contributions to qualified tuition programs (Section 529 plans) as defined under federal Internal Revenue Code Section 529.

Establishes maximum annual deduction limits of $20,000 for joint filers and $10,000 for single and other filers.

Allows contributions or payments made after a calendar year to be deducted if made before the federal deadline for individual retirement account contributions for that year.

Applies the same deduction rules to nonresident individuals, limited to the proportion that their Mississippi income bears to their total income from all sources.

Effective January 1, 2012.