MS SB2476

Removes the January 1, 2025 sunset date (repealer) from Section 27-7-22.39, making the charitable contribution tax credit permanent rather than temporary.

Allows individual taxpayers to claim income tax credits up to $1,200 annually (or $2,400 for married couples filing jointly) for contributions to qualifying charitable organizations serving low-income residents and children with chronic illnesses or disabilities, effective 2023 and later.

Allows separate income tax credits up to $1,500 annually (or $3,000 for married couples filing jointly) for contributions to qualifying foster care charitable organizations that serve children in foster care or at risk of foster care placement, effective 2023 and later.

Permits taxpayers to claim credits against ad valorem taxes on real property (limited to 50% of property tax liability) with a 5-year carryforward period for unused credits, beginning January 1, 2023.

Caps total annual tax credits statewide at $1,000,000 and requires organizations to spend at least 50% of their budget on qualified services in Mississippi and provide written certification that they do not provide or fund abortions.