MS HB361

Allows taxpayers to deduct up to $5,000 per child annually for tuition and related costs (uniforms, textbooks, school supplies) paid for dependents attending nonpublic elementary or secondary schools.

Permits taxpayers to deduct 50% of expenses paid for home schooling dependents, with a maximum deduction of $5,000 per child annually, including textbooks and curricula costs.

Authorizes taxpayers to deduct 50% of amounts paid for public school enrollment expenses (uniforms, textbooks, instructional materials, and school supplies), capped at $5,000 per child annually.

Limits all education-related deductions so the aggregate amount claimed in a taxable year does not exceed the taxpayer's total taxable income for that year.

Effective date: January 1, 2016.