MS SB2847

Allows individuals and heads of household to claim an income tax credit of up to $400 annually for cash contributions to Habitat for Humanity Mississippi Capital Area, with married couples filing jointly eligible for up to $800.

Permits business enterprises (corporations, LLCs, partnerships, sole proprietorships) to claim tax credits for contributions to the same organization, limited to 50% of their total tax liability, with credits available against corporate and other business taxes.

Allows unused tax credits to be carried forward for up to 5 consecutive taxable years if the credit exceeds taxes owed in the current year.

Caps aggregate individual credits at $1,000,000 per calendar year and aggregate business credits at $5,000,000 per calendar year, with the Department of Revenue allocating credits on a first-come basis within 30 days of application.

Credits are in lieu of charitable deductions under the Internal Revenue Code for state tax purposes and sunset on January 1, 2027.