MS SB2250

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

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

Eligible expenses include tuition, fees, textbooks, tutoring, curriculum, online learning, standardized tests, industry certifications, public school contracted services, and up to $1,000 annually for transportation and $100 for consumable school supplies.

Excess credits may be carried forward for three tax years or taxpayers may request a refund from the Department of Revenue, with refunds paid from current collections.

Takes effect January 1, 2019, and requires taxpayers to provide documentation of educational expenditures as prescribed by the Department of Revenue.