MS HB628

Amends Section 27-7-22.41 to expand the definition of "eligible charitable organization" for tax credit purposes to include educational services organizations accredited by the State Board of Education (in addition to those accredited by regional accrediting organizations)

Tax credits available for income tax, insurance premium tax, and ad valorem tax on voluntary cash contributions to eligible charitable organizations serving children in foster care, at-risk youth, children with disabilities, and low-income students

Maximum tax credit aggregate for calendar year 2023 and beyond is $18 million annually, with 50% allocated to child protection services organizations and 50% to educational services organizations

Individual taxpayers may claim credits up to 50% of their total tax liability, with unused credits carried forward for five consecutive years

Effective date of January 1, 2023