MS HB1986

Revises the definition of "eligible charitable organization" to require spending at least 50% of payroll (rather than budget) on contracting with physicians, physician assistants, advanced practice registered nurses, nurse practitioners, registered nurses, or other direct-patient care staff to provide health care services to low-income residents.

Allows taxpayers allocated a tax credit during a calendar year to use the credit against income taxes and insurance premium taxes for the immediately preceding taxable year if they have not already filed a return for those taxes.

Permits unallocated tax credits from calendar year 2023 to be allocated during calendar year 2024, in addition to the annual $3,000,000 limit for business taxpayers and $1,000,000 limit for individual taxpayers.

Excludes from the definition of eligible charitable organizations any entity that provides, pays for, provides coverage of, or financially supports abortions, with organizations required to certify this status under penalty of perjury.

Takes effect January 1, 2024.