MS SB2856

Amends Mississippi Code Section 27-7-17 to allow a state income tax deduction for education expenditures made by parents for dependent children attending qualified private schools or homeschool programs in Mississippi.

Defines "education expenditure" to include tuition, fees, computer software, textbooks, workbooks, curricula, school supplies, and other written materials used for academic instruction or tutoring.

Establishes a deduction of $5,000 multiplied by the number of dependent children for whom education expenditures were made during the taxable year, with married couples entitled to only one deduction.

Limits eligibility to dependent children who are eligible for free public school education in Mississippi and defines qualifying programs as homeschooling or attendance at a private school that satisfies compulsory attendance requirements.

Takes effect July 1, 2016, and applies to taxable years beginning after December 31, 2014.