SB2432 Summary

• Expands the definition of "services" under Mississippi's charitable tax credit to include education services for children, enabling organizations providing such services to qualify as eligible charitable organizations.

• Maintains existing tax credit limits: $400 single/$800 joint for general charitable contributions and $500 single/$1,000 joint for foster care charitable organization contributions.

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

• Sets aggregate annual tax credit cap at $1,000,000 beginning in calendar year 2021 (previously $3,000,000).

• Expires January 1, 2025, and becomes effective July 1, 2021.