MS SB2843

Authorizes an income tax credit for taxpayer contributions to qualified Mississippi nonprofit organizations that support the Mississippi Integrated Basic Education and Skills Training (MI-BEST) model program serving community and junior colleges.

Limits individual tax credits to a maximum of $1,000,000 per taxable year, with unused portions allowed to carry forward for three succeeding tax years.

Sets aggregate statewide credit limits at $10,000,000 for 2016, $12,000,000 for 2017, and $15,000,000 for 2018 and each year thereafter.

Requires contributions be made to nonprofit organizations approved by the Mississippi Community College Board to match state-appropriated funds.

Effective January 1, 2016, with the Department of Revenue authorized to establish verification requirements and promulgate implementing rules and regulations.