MS SB2312

Authorizes an income tax credit for taxpayers who pay for child care and education expenses at prekindergarten providers (public, private, parochial schools, licensed child care centers, or Head Start centers) for dependent children ages 4 and up who have not entered kindergarten.

Sets credit amounts at $2,150 for full-day programs and $1,075 for half-day programs per dependent child, with married couples limited to one credit per household; credits apply to taxable years beginning after December 31, 2014.

Allows unused tax credits to be carried forward for five consecutive years from the close of the tax year in which the credit was earned.

Caps aggregate tax credits at $8,000,000 for calendar year 2015, $16,000,000 for 2016, and $34,000,000 for 2017 and thereafter.

Repeals Section 37-21-51 (the Early Learning Collaborative Act of 2013 Grant Program) effective January 1, 2015.