MS SB2772

Establishes the Educational Improvement Tax Credit (EITC) program allowing businesses to claim income tax credits of 75-80% of contributions made to qualified scholarship organizations or educational improvement organizations, capped at $300,000 per business annually

Sets total aggregate tax credit cap at $92 million per fiscal year, with at least 75% allocated for scholarship organization contributions and at least 25% for educational improvement organization contributions

Provides scholarships to eligible students from households with income not exceeding $60,000 (after June 30, 2015), plus income allowances of $10,000-$12,000 per dependent, with higher thresholds for students with disabilities

Requires scholarship and educational improvement organizations to be 501(c)(3) nonprofits that contribute at least 80% of annual receipts to their respective programs and submit annual reports to the Mississippi Development Authority

Makes scholarships received by eligible students deductible as an adjustment to gross income under Mississippi income tax law, effective July 1, 2015