MS SB2437

Excludes from gross income amounts not exceeding $500 per taxable year that teachers expend from personal funds for classroom supplies, instructional materials, or equipment used by students in school classrooms.

Adds new paragraph (gg) to Section 27-7-15 of the Mississippi Code to establish the $500 annual exclusion for teacher classroom expenses.

Clarifies that the teacher classroom expense exclusion cannot be claimed as an itemized deduction on individual nonbusiness deductions under Section 27-7-17.

Effective January 1, 2014.