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MS HB1561
Bill
Status
2/27/2013
Primary Sponsor
Cecil Brown
Click for details
AI Summary
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Allows individuals to deduct contributions to qualified tuition programs (Section 529 plans) as defined under federal Internal Revenue Code Section 529.
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Sets maximum annual deduction limits of $20,000 for joint filers and $10,000 for single and other filers.
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Permits contributions made after a calendar year but before the federal deadline for individual retirement account contributions to be deducted for that tax year.
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Applies to both resident and nonresident individuals, with nonresidents entitled to deductions proportional to their Mississippi-source income.
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Effective January 1, 2013.
Legislative Description
Income tax; authorize a deduction for contributions to qualified tuition programs.
Last Action
Died In Committee
2/27/2013