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Bill > SB3118
MS SB3118
MS SB3118Income tax; implement pilot program authorizing credit for educational expenses, awarded by lottery system.
summary
Introduced
02/17/2026
02/17/2026
In Committee
02/17/2026
02/17/2026
Crossed Over
Passed
Dead
Introduced Session
2026 Regular Session
Bill Summary
An Act 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; To Specify A Maximum Amount Of The Credit Per Student; To Provide That Any Unused Portion Of The Credit May Be Carried Forward For The Five Succeeding Tax Years; To Provide That The Amount Of The Credit That May Be Utilized In Any Tax Year Shall Not Exceed The Total State Income Tax Liability Of The Taxpayer For That Year; To Provide That The Aggregate Amount Of Tax Credits That May Be Awarded Under This Section In Any Calendar Year Shall Not Exceed $20,000,000.00; To Prescribe The Content Required In The Application For The Credit; To Provide That The Department Shall Establish A Lottery System For Selecting Taxpayers To Be Awarded The Credit; To Authorize The Department Of Revenue To Promulgate Regulations As Needed To Administer This Act; To Specify That This Act Creates A Pilot Program And That No Credits Shall Be Authorized Under This Act For Eligible Expenses Incurred In Any Calendar Year Other Than 2026; And For Related Purposes.
AI Summary
This bill establishes a pilot program for a limited time, specifically for the calendar year 2026, to provide an income tax credit to parents or legal guardians for eligible educational expenses paid on behalf of a dependent K-12 student, with "eligible expenses" including tuition to accredited private schools, required textbooks and instructional materials, school supplies, school-sponsored activity fees, and driver's education fees. The credit is capped at $2,500 per student annually, and any unused portion can be carried forward for five years, though the amount used in any given year cannot exceed the taxpayer's total state income tax liability for that year. The total amount of tax credits awarded statewide under this program is limited to $20,000,000, and the Department of Revenue will administer the program by establishing a lottery system to select taxpayers who apply with itemized documentation of their expenses, with the lottery conducted the year after expenses are incurred and the credit awarded the subsequent year.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Referred To Finance (on 02/17/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://billstatus.ls.state.ms.us/2026/pdf/history/SB/SB3118.xml |
| BillText | https://billstatus.ls.state.ms.us/documents/2026/html/SB/3100-3199/SB3118IN.htm |
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