MS HB1394

Allows taxpayers to claim an income tax credit for expenses paid for homeschooling a dependent child, including textbooks, school supplies, curricula, distance learning materials, and instructional resources.

Credit amount equals the lesser of actual homeschooling expenses paid or the average state expenditure per student under the Mississippi Adequate Education Program for that tax year.

Limits total credits claimed in a taxable year to not exceed state income tax owed minus all other allowable credits, excluding tax payment credits.

Permits unused tax credits to be carried forward for five years from the close of the tax year in which expenses were paid.

Effective January 1, 2018.