MS SB2439

Creates the "Childcare Advance Act" allowing Mississippi resident taxpayers with childcare expenses for dependents under age 5 to defer state income tax liability up to $2,000 per year

Deferred amounts must be repaid in equal installments over 10 years once the taxpayer stops taking the deferral, with no interest charged

Department of Revenue must notify taxpayers annually of their total deferred liability, when repayment will begin, and estimated annual repayment amounts

Taxpayers who move to a state without tax reciprocity with Mississippi must pay the entire deferred amount in the year of relocation, though payment plans may be approved

Effective date of January 1, 2021