SB3118

Mississippi SB3118 proposes a pilot program for an income tax credit for educational expenses for K-12 students.

Mississippi SB3118 proposes a pilot program to authorize an income tax credit for eligible educational expenses paid by a parent or legal guardian on behalf of a dependent K-12 student. The credit is limited to $2,500 per student per year and can be carried forward for five years if unused. The selection of taxpayers for the credit is made through a lottery system, and the aggregate amount of credits awarded in any calendar year cannot exceed $20,000,000. The program is limited to expenses incurred in 2026.