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MS HB1679
Bill
Status
3/16/2016
Primary Sponsor
Nolan Mettetal
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AI Summary
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Authorizes an income tax credit for contributions made by taxpayers to qualified Mississippi nonprofit organizations that support the Mississippi Integrated Basic Education and Skills Training (MI-BEST) model program serving the state community and junior college system.
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Limits individual taxpayer credits to a maximum of $1,000,000 per taxable year, with unused portions eligible for carryforward up to three succeeding tax years.
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Sets aggregate annual credit caps at $10,000,000 for 2016, $12,000,000 for 2017, and $15,000,000 for 2018 and each year thereafter.
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Requires contributions to be made to nonprofit organizations approved by the Mississippi Community College Board to match state-appropriated funds and verified by the Department of Revenue.
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Effective January 1, 2016.
Legislative Description
Income tax; authorize a credit for certain contributions to support the MS Integrated Basic Education and Skills Training Program.
Last Action
Died In Committee
3/16/2016