MS HB1566

Allows eligible students enrolled at Mississippi community colleges, junior colleges, colleges, or universities to claim an income tax credit of up to $500 per taxable year.

Defines "eligible student" as a taxpayer enrolled for at least one semester taking a minimum of six semester hours toward an associate or baccalaureate degree, maintaining steady academic progress, and holding at least a 2.0 grade point average on a 4.0 scale.

Permits unused tax credits to be carried forward and applied to the next three succeeding taxable years.

Credit is limited to the lesser of $500 or the taxpayer's total tax liability reduced by all other allowable credits (excluding tax payments).

Effective January 1, 2013.