MS HB870

Allows taxpayers an income tax credit for tuition payments made for a dependent child to attend a nonpublic elementary or secondary school, up to $1,500 per child per taxable year.

Defines eligible tuition costs to include enrollment fees, school uniforms, textbooks, curricula, instructional materials, and school supplies required by the nonpublic school.

Authorizes an income tax credit for expenses paid for homeschooling a dependent child, including textbooks, school supplies, curricula, distance learning materials, and other instructional expenses, up to $1,500 per child per taxable year.

Allows unused tax credits from either the nonpublic school tuition or homeschooling provisions to be carried forward for five years from the close of the tax year in which payments were made.

Takes effect January 1, 2022 and does not affect any tax claims, assessments, or appeals that accrued before the effective date.