MS SB2142

Adds a new income tax deduction for parents who send children to qualified private schools or homeschool programs in Mississippi, effective for taxable years beginning after December 31, 2017.

Allows a deduction of $5,000 per dependent child for unreimbursed education expenditures, with married couples receiving only one deduction total.

Defines qualifying education expenditures as tuition, fees, computer software, textbooks, workbooks, curricula, school supplies, and other written materials used for academic instruction or tutoring.

Requires the child to be a dependent who qualifies for compulsory school attendance under Mississippi law, and the private school or homeschool program must satisfy the state's compulsory attendance requirements.

Takes effect July 1, 2018, and requires taxpayers to claim the deduction on their annual state tax return in the manner prescribed by the Department of Revenue.