MS HB1485

Creates the "Endow Mississippi Program" providing a 25% tax credit for charitable gifts to endowed funds held by qualified community foundations in Mississippi.

Qualified contributions must be at least $1,000 and not exceed $200,000, with individual taxpayers limited to $200,000 in total qualified contributions per year.

Aggregate tax credits authorized statewide cannot exceed $500,000 per calendar year, distributed on a first-come, first-served basis with 10% reserved for each qualified community foundation for nine months.

Tax credits are available through calendar year 2022, with no new credits authorized after January 1, 2023, though previously authorized credits may be carried forward to subsequent taxable years.

Department of Revenue works with Mississippi Association of Grantmakers to develop application procedures, and qualified community foundations must certify contributions to trigger issuance of tax credit letters to taxpayers.