MS SB2274

Excludes up to $500 annually from gross income for amounts teachers expend from personal funds for classroom supplies, instructional materials, or equipment used by students in school classrooms.

Amends Mississippi Code Section 27-7-15 to add this exclusion as paragraph (gg) in the list of items exempt from taxation.

Amends Section 27-7-17 to clarify that this teacher classroom supply exclusion cannot also be claimed as an itemized deduction for individual nonbusiness deductions.

Effective January 1, 2012.