MS HB75

Establishes an income tax credit of up to $500 for taxpayers enrolled as eligible students at Mississippi community colleges, junior colleges, colleges, or universities pursuing an associate or baccalaureate degree.

Defines eligible students as those enrolled for at least one semester during the taxable year and taking minimum six semester hours while maintaining steady academic progress and a cumulative 2.0 GPA or higher.

Allows unused portions of the tax credit to be carried forward for up to three succeeding taxable years, with the credit not exceeding the lesser of $500 or the taxpayer's remaining tax liability after other credits.

Does not affect any tax claims, assessments, or collection actions arising from tax obligations incurred before the act's effective date.

Takes effect January 1, 2015.