MS SB2947

Authorizes an income tax credit for unreimbursed educational expenditures made by taxpayers for dependent children enrolled in private elementary or high school programs or homeschooling in Mississippi.

Credit amount cannot exceed the base student cost under the Mississippi Adequate Education Program for the applicable school year.

Eligible expenditures include tuition, fees, computer software, textbooks, workbooks, curricula, school supplies, and written materials used for academic instruction or tutoring.

Excess credits that exceed tax liability may be carried forward for three succeeding tax years or the taxpayer may elect to receive a refund from current collections.

Effective January 1, 2017, with taxpayers required to provide documentation of educational expenditures as prescribed by the Department of Revenue.