MS SB2040

Allows National Guard members and Armed Forces Reserve members to deduct unreimbursed overnight travel expenses for attending Guard or Reserve meetings as an adjustment to gross income on state income taxes

Deduction applies to travel expenses incurred when members must travel away from home overnight for official meetings

Deduction follows provisions of the United States Internal Revenue Code regarding these travel expenses

Amends Section 27-7-18 of the Mississippi Code of 1972 to add this new deduction category alongside existing deductions for alimony, moving expenses, self-employed health insurance, college savings contributions, and organ donation expenses

Effective date of January 1, 2012