MS HB1566

Authorizes separate income tax credits for voluntary cash contributions to qualifying charitable organizations: up to $400 for single filers/heads of household or $800 for married couples filing jointly per tax year.

Establishes higher credit limits for contributions to qualifying foster care charitable organizations: up to $500 for single filers/heads of household or $1,000 for married couples filing jointly per tax year.

Allows unused tax credits to be carried forward for five consecutive tax years, with an aggregate cap of $1,000,000 in credits awarded per calendar year statewide.

Requires qualifying charitable organizations to spend at least 50% of their budget on services to low-income residents, temporary assistance recipients, children with chronic illness or disabilities, or children in foster care placements in Mississippi.

Amends the adoption tax credit to increase the maximum credit from $2,500 to $5,000 per child for adoptions through the Mississippi Department of Child Protection Services beginning in calendar year 2018, and extends the carryforward period from three to five years.