MS HB1015

Authorizes tax credits for voluntary cash contributions by business enterprises to eligible charitable organizations that purchase and distribute food to food pantries and soup kitchens in more than five Mississippi counties monthly.

Credits apply against income tax, insurance premium tax, retaliatory tax, and ad valorem taxes on real property for non-corporate businesses, with a maximum credit of 50% of total tax liability in each category.

Unused credits may be carried forward for five consecutive years from the year earned.

Eligible charitable organizations must be 501(c)(3) exempt entities and must provide written certification to the Department of Revenue; aggregate credits allocated annually cannot exceed $3,500,000.

Contributions claimed for tax credit purposes cannot be deducted for state income tax purposes; contributions must be made within 60 days of credit allocation or the allocation is cancelled.