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MS HB261

Bill

Official Source

Status

Passed

4/19/2023

Primary Sponsor

Rob Roberson

Click for details

Origin

House of Representatives

2023 Regular Session

AI Summary

  • Extends the Endow Mississippi Program income tax credit through December 31, 2028 (previously set to expire after 2023)
  • Increases the maximum qualified contribution amount per contribution from $200,000 to $500,000
  • Increases the maximum total qualified contributions per taxpayer per year from $200,000 to $500,000
  • Increases the annual aggregate cap on tax credits statewide from $500,000 to $1,000,000
  • Allows unused credits to be carried forward for up to five subsequent calendar years on a first-come, first-served basis
  • Effective July 1, 2023

Legislative Description

Income tax; extend credit for qualified contributions to an endowed fund at qualified community foundations.

Last Action

Approved by Governor

4/19/2023

Committee Referrals

Finance2/13/2023
Ways and Means1/5/2023

Full Bill Text

No bill text available