MS HB1884

Authorizes tax credits for business enterprises that make voluntary cash contributions to eligible charitable organizations supporting Mississippi youth education, physical development, social/emotional development, and workforce development programs.

Eligible charitable organizations must be exempt from federal income taxation under Section 501(c)(3) of the Internal Revenue Code and provide written certification to the Department of Revenue.

Tax credits are allowed against income taxes, insurance premium taxes, and ad valorem taxes on real property, with credits limited to 50% of total tax liability in each category and carryforward availability for 5 consecutive years.

Aggregate tax credits allocated annually cannot exceed $250,000, with the Department of Revenue responsible for allocating credits within 30 days of application and requiring contributions to be made within 60 days of allocation.

Effective July 1, 2024; contributions claimed for credits cannot also be deducted as state income tax deductions.