MS SB2407

Allows licensed public schoolteachers to claim a state income tax credit up to $500 annually for out-of-pocket expenses on classroom supplies, instructional materials, or equipment for student use.

Requires teachers to be employed by the school district where supplies were purchased, licensed by the State Board of Education, and assigned to an instruction area of work.

Limits credit to expenditures approved in the local school spending plan and signed off by the school principal, and excludes expenses that could be funded by local or state funds.

Effective for taxable years beginning January 1, 2012, and codified in Chapter 7, Title 27 of the Mississippi Code.