MS HB1723

Authorizes tax credits against income taxes, insurance premium taxes, and ad valorem taxes 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.

Eligible organizations must be 501(c)(3) tax-exempt entities certified by the Department of Revenue; taxpayers must apply for credit allocation with the department on prescribed forms.

Credits limited to 50% of total tax liability for income/insurance premium taxes and 50% of total tax liability for ad valorem taxes, with unused credits carried forward for five consecutive years.

Aggregate cap of $1,000,000 in credits allocated statewide per calendar year; contributions for which credits are claimed cannot be deducted as state income tax deductions.

Effective July 1, 2023; requires organizations to provide written certification under penalty of perjury and notify the department of any changes affecting their eligibility.