MS SB2889

Expands the income tax credit for preschool and prekindergarten program support contributions to include qualified contributions to programs serving children at least three years of age, effective July 1, 2024.

Allows individuals, corporations, and other entities with Mississippi taxable income to claim credits against state income tax for contributions to approved providers, lead partners, or collaboratives, not to exceed $1,000,000 per taxpayer.

Permits unused tax credits to be carried forward for three tax years.

Caps total donations accepted by the Department of Revenue at $8,000,000 in 2014, $15,000,000 in 2015, and $32,000,000 in 2016 and thereafter (or as appropriated by the Legislature).

Requires the Mississippi Department of Revenue to verify contributions through receipts or other written documentation and promulgate rules to inform the public of the program and application process.