MS SB2475

Authorize taxpayers to claim an income tax credit equal to child care expenses paid to prekindergarten providers participating in the Early Learning Collaborative program established under Section 37-21-51(3).

Define prekindergarten providers as public, private, or parochial schools, licensed child care centers, or Head Start Centers serving four-year-old children in voluntary prekindergarten programs.

Authorize prekindergarten providers to claim a tax credit of $1,500 multiplied by the average monthly number of children enrolled in their prekindergarten program.

Allow unused tax credits claimed in a taxable year to be treated as overpayments and refunded to taxpayers from current collections.

Effective date: January 1, 2024.