Senate Bill 2579 - Tax Credit Scholarship Act

• Establishes a tax credit scholarship program allowing Mississippi residents aged 5-20 from households earning up to two times the federal reduced-price lunch income threshold to receive scholarships for nonpublic school education expenses.

• Provides taxpayers a tax credit of up to 50% of their income tax liability for contributions to qualified 501(c)(3) scholarship organizations, with unused credits carrying forward for five consecutive years.

• Requires participating nonpublic schools to comply with antidiscrimination laws, conduct criminal background checks, provide annual educational progress assessments to parents, and be state or nationally accredited.

• Mandates scholarship organizations limit administrative expenses to 10% of contributions, carry forward no more than 10% of net contributions annually, and submit quarterly and annual financial compliance reports to the Department of Revenue.

• Amends tax code to exclude Tax Credit Scholarship amounts received for education expenses from gross income and authorizes annual legislative reporting on program participation and tax credit utilization.