MS HB466

Allows taxpayers an income tax credit equal to 10% of costs paid for textbooks for themselves or dependents enrolled as resident students in at least 6 semester hours at Mississippi public or private universities, colleges, community colleges, or junior colleges.

Textbooks must be required or recommended for use by the course instructor to qualify for the credit.

Taxpayers may claim the credit during any years within a 5-year successive period in which they are eligible.

Unused tax credit may be carried forward for up to one year, and the credit cannot exceed the taxpayer's tax liability for the year minus other allowable credits (except tax payments made).

Effective January 1, 2013.