MS HB468

Increases the annual aggregate cap on tax credits allocated under the Pregnancy Resource Act from $3.5 million to $10 million, effective for calendar year 2023 and each year thereafter.

Tax credits remain available to business taxpayers (corporations, LLCs, partnerships, sole proprietorships) who make cash contributions to eligible pregnancy resource centers certified as 501(c)(3) organizations.

Credits may be applied against income taxes, insurance premium taxes, and ad valorem property taxes, with usage limited to 50% of total tax liability in each category.

No more than 50% of allocated credits in a calendar year may go to contributions to any single eligible charitable organization.

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