MS HB500

Establishes an income tax credit for voluntary cash contributions made by taxpayers to rural hospitals (defined as licensed hospitals with 50 or fewer beds).

Creates two separate credit programs: one for business enterprises (corporations, LLCs, partnerships, sole proprietorships) limited to 75% of tax liability with a $15 million annual cap, and one for individuals limited to 100% of tax liability with a $5 million annual cap.

Allows unused tax credits to be carried forward for five consecutive years from the close of the tax year in which credits were earned.

Prohibits contributions claimed for this credit from being used as state income tax deductions and requires contributions to be documented within 75 days of credit allocation or by January 15th of the following year.

Terminates the credit program on January 1, 2025, and requires rural hospitals to certify their eligibility to the Department of Revenue, which will maintain a public list of qualifying hospitals.