MS HB321

Authorizes an income tax credit for voluntary cash contributions made by taxpayers to rural hospitals (defined as licensed hospitals with 50 or fewer licensed beds).

Creates two separate credit programs: one for business enterprises (corporations, LLCs, partnerships, sole proprietorships) limited to 75% of tax liability, and one for individuals limited to 100% of tax liability.

Allows unused credits to be carried forward for five consecutive years from the close of the tax year in which the credits were earned.

Sets aggregate annual credit limits of $15,000,000 for business taxpayers and $5,000,000 for individual taxpayers, with no credits allocated after December 31, 2028.

Requires rural hospitals to certify their eligibility to the Department of Revenue, prohibits claiming contributions as deductions if a credit is claimed, and requires documentation of contributions within 75 days of allocation or by January 15 of the following year.