MS HB38

Allows parents or guardians of dependent high school students to claim an income tax credit if the student maintains a cumulative GPA of at least 3.0 on a 4.0 scale for both spring and fall semesters of the taxable year.

Credit amount equals the lesser of $250 or the taxpayer's tax liability for the year (after accounting for other credits), with married couples filing separately each able to claim up to one-half the joint credit amount.

Unused tax credits may be carried forward for five consecutive years following the tax year in which credits were earned.

Defines "high school" as grades 9-12 and "school" using the same definition as provided in Section 37-13-91 of the Mississippi Code.

Takes effect January 1, 2013.