Bill Text: MS SB2925 | 2023 | Regular Session | Introduced
Bill Title: Income tax; authorize credit for tuition payments to private schools.
Spectrum: Partisan Bill (Republican 3-0)
Status: (Failed) 2023-02-22 - Died In Committee [SB2925 Detail]
Download: Mississippi-2023-SB2925-Introduced.html
MISSISSIPPI LEGISLATURE
2023 Regular Session
To: Finance
By: Senator(s) Sojourner, McDaniel, Chism
Senate Bill 2925
AN ACT TO AUTHORIZE AN INCOME TAX CREDIT FOR PAYMENTS MADE BY TAXPAYERS TO PRIVATE SCHOOLS FOR TUITION FOR KINDERGARTEN THROUGH GRADE 12; TO PROVIDE THAT THE AMOUNT OF THE CREDIT SHALL BE THE AMOUNT OF TUITION PAID, UP TO THE AMOUNT OF THE TAXPAYER'S TOTAL STATE INCOME TAX LIABILITY FOR THAT CALENDAR YEAR; TO PROVIDE THAT THE CREDIT MAY NOT BE CARRIED FORWARD TO ANY SUCCESSIVE YEARS; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. (1) Subject to the provisions of this section, a taxpayer shall be allowed a credit against the income taxes imposed under this chapter for the calendar year in which the taxpayer made tuition payments to a private school on behalf of one or more students in kindergarten through grade twelve (12). The amount of the credit shall be the amount of tuition paid, up to the amount of the taxpayer's total state income tax liability for that calendar year. The credit may not be carried forward to any successive years.
(2) In order to receive the tax credit authorized in this section, a taxpayer must provide documentation on a form prepared by the Department of Revenue and verified by the appropriate private school that the taxpayer paid tuition to the same private school during the applicable calendar year, and in what total amount.
SECTION 2. Section 1 of this act shall be codified as a new section in Title 27, Chapter 7, Mississippi Code of 1972.
SECTION 3. This act shall take effect and be in force from and after January 1, 2023.
