MS SB2988

Creates individual income tax credit for voluntary cash contributions to Habitat for Humanity Mississippi Capital Area, capped at $400 per year for single filers/heads of household and $800 for married couples filing jointly.

Allows married couples filing separate returns to each claim only half the joint return credit amount.

Permits unused tax credits to be carried forward for up to 5 consecutive taxable years if credits exceed tax liability.

Creates separate business enterprise income tax credit for contributions to the same organization, capped at 50% of total tax liability per year, with unused credits carried forward for 5 years and an aggregate annual limit of $5,000,000.

Sets individual credit aggregate annual limit at $1,000,000 and requires contributions to be made within 60 days of credit allocation; both credits expire January 1, 2028.