MS HB1615

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 community and junior colleges.

Limits individual taxpayer claims to a maximum of $1,000,000 per taxable year, with unused portions eligible for carryforward up to three succeeding tax years.

Caps aggregate statewide credits at $10,000,000 for calendar year 2017, $12,000,000 for calendar year 2018, and $15,000,000 for calendar year 2019 and thereafter.

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

Takes effect January 1, 2017, with the Department of Revenue authorized to establish verification requirements and promulgate implementing rules.