MS SB2064

Authorizes an income tax credit for unreimbursed educational expenditures made by taxpayers for dependent children enrolled in private schools or homeschooling in Mississippi, effective January 1, 2021.

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

Eligible expenses include tuition and fees, textbooks, tutoring, curriculum purchases, transportation fees (up to $1,000 annually), online learning, standardized tests, industry certifications, public school contracted services, and licensed educational therapies.

Allows up to $100 annually for consumable school supplies and permits taxpayers to carry forward unused credits for three years or request refunds of excess credits from current collections.

Requires taxpayers to provide documentation of educational expenditures to the Department of Revenue as prescribed by the department.