MS HB108

Allows individuals to deduct contributions to qualified tuition programs (Section 529 plans) as defined in Section 529 of the Internal Revenue Code from Mississippi state income tax.

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

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

Applies to both resident and nonresident individuals, with nonresidents allowed deductions proportional to Mississippi income relative to total income.

Effective January 1, 2015.