MS HB1655

Authorizes tax credits for voluntary cash contributions by business enterprises (corporations, LLCs, partnerships, sole proprietorships) to eligible charitable organizations that advance Mississippi youth in education, physical development, social/emotional development, and workforce development.

Credits are allowed against income taxes (Sections 27-7-5, 27-15-103, 27-15-109, 27-15-123), insurance premium taxes, and ad valorem taxes on real property, limited to 50% of total tax liability for each category.

Unused credits may be carried forward for 5 consecutive years following the tax year earned, and contributions claimed as credits cannot be deducted for state income tax purposes.

Eligible charitable organizations must be 501(c)(3) tax-exempt entities and must obtain written certification from the Department of Revenue; the department maintains and publishes a list of approved organizations.

Aggregate tax credits allocated statewide are capped at $250,000 per calendar year, with credits allocated on a first-come basis within 30 days of application; contributions must be made within 60 days of allocation or the credit is forfeited.