MS HB646

Allows taxpayers to deduct tuition payments for dependent children attending nonpublic elementary or secondary schools, capped at $5,000 per child per year.

Defines deductible tuition to include enrollment fees, school uniforms, textbooks, curricula, instructional materials, and school supplies required by the nonpublic school.

Authorizes deduction of 50% of expenses paid for home schooling a dependent child, capped at $5,000 per child per year, including textbooks and curricula costs.

Permits deduction of 50% of amounts paid for public school enrollment expenses (uniforms, textbooks, instructional materials, and school supplies), capped at $5,000 per child per year.

Effective January 1, 2013, with all deductions subject to a limit that aggregate deductions cannot exceed the taxpayer's total taxable income for the year.