MS SB3044

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

Creates additional separate tax credit for contributions to qualifying foster care charitable organizations: $500 for single filers/heads of household and $1,000 for married couples filing jointly per tax year.

Allows unused portions of either credit to be carried forward for up to five consecutive tax years if the credit exceeds taxes otherwise due.

Requires qualifying charitable organizations to be tax-exempt under Section 501(c)(3) or designated community action agencies, spend at least 50% of budget on services to low-income residents or children with chronic/developmental disabilities in Mississippi, and certify they do not provide or fund abortions.

Increases adoption tax credit from $2,500 to $5,000 per child for adoptions occurring after 2017, and provides $5,000 credit for children adopted through the Mississippi Department of Child Protection Services beginning in 2018, with carryforward period extended from three to five years.