MS HB94

Adds a new deduction to Mississippi state income tax law for tuition, fees, and other required costs paid to public or private universities, colleges, and community or junior colleges for the taxpayer or their dependents.

Allows married couples filing jointly to deduct up to $1,000 per year in qualified higher education expenses.

Allows single filers to deduct up to $500 per year in qualified higher education expenses.

Takes effect January 1, 2012, and does not affect any tax claims or assessments from before that date.