MS SB2873

Authorizes a tax credit for business enterprises (corporations, LLCs, partnerships, sole proprietorships) that make voluntary cash contributions to eligible charitable organizations that purchase and deliver food to food pantries or soup kitchens across more than five Mississippi counties monthly.

Credit applies against income taxes (Sections 27-7-5, 27-15-103, 27-15-109, 27-15-123) and, for non-corporate businesses, against ad valorem taxes on real property, limited to 50% of total tax liability in each category.

Unused credits may be carried forward for five consecutive years following the tax year in which earned.

Contributions claimed for the credit cannot also be deducted as a state income tax deduction, and eligible organizations must be 501(c)(3) tax-exempt entities certified by the Department of Revenue.

Aggregate annual tax credit allocation is capped at $3,500,000, with the Department of Revenue allocating credits within 30 days of application and requiring contributions to be made within 60 days of allocation or the credit is cancelled.