MS HB1544

Allows individual taxpayers to deduct contributions to qualified tuition programs as defined under Section 529 of the Internal Revenue Code.

Limits annual deduction to $20,000 for joint filers and $10,000 for single and other filers.

Permits contributions or payments for a tax year to be made after the calendar year ends but before the federal deadline for individual retirement account contributions.

Amends Section 27-7-17 of the Mississippi Code of 1972 to add the deduction as part of individual nonbusiness deductions.

Takes effect January 1, 2014.