SEC. 37-155-17. Prepaid tuition contracts; tax exclusions and deductions.

Section 37-155-17, Mississippi Code of 1972, is amended as follows:

37-155-17. Any interest, dividends or gains accruing on the payments made pursuant to a prepaid tuition contract under the terms of this chapter 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.

SOURCES: Laws, 1996, ch. 427, Sec. 9, eff from and after July 1, 1996; Amended by Laws 1999, Ch. 378, Sec. 4, eff. July 1, 1999.