Any interest, dividends or gains accruing on the payments made pursuant to a prepaid tuition contract under the terms of this article shall be excluded from the gross income of any such payor or beneficiary for purposes of the Mississippi Income Tax Law. The payor may deduct from taxable income the amount of any payments made under a prepaid tuition contract in the tax year.
Miss. Code Ann. § 37-155-17
Prepaid tuition contracts; tax exclusions and deductions
Laws, 1996, ch. 427, § 9; Laws, 1999, ch. 378, § 4, eff from and after July 1, 1999.
Current official text: Mississippi Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Mississippi statutes; confirm against the official source for the current text. Not legal advice.