MS HB1550

Recent graduates of four-year colleges or universities (in-state or out-of-state) may deduct gross income derived from employment in Mississippi from their state income tax for three consecutive years while remaining Mississippi residents and employed.

The deduction may be extended for an additional two years if the graduate purchases residential or commercial property in Mississippi, establishes a registered business with at least one employee, or serves as a licensed teacher in a public or nonpublic school.

A "recent graduate" is defined as a Mississippi resident who earned a baccalaureate or post-graduate degree within one year preceding January 1 of the first year claiming the deduction.

The maximum aggregate deductions claimed by all taxpayers under this section in any taxable year cannot exceed $100,000,000.

The Department of Revenue shall administer and promulgate rules for implementation; colleges and universities must develop policies to inform students about the deduction availability.