MS HB1687

Authorizes tax credits against income tax (Sections 27-7-5, 27-15-103, 27-15-109, 27-15-123), insurance premium tax, and ad valorem property tax for voluntary cash contributions to eligible 501(c)(3) charitable organizations serving Mississippi youth in education, physical development, social/emotional development, and workforce development.

Limits credits to 50% of total tax liability for income/insurance premium taxes and 50% of ad valorem tax liability, with unused credits carried forward for five consecutive years.

Restricts credit eligibility to businesses operating as corporations, limited liability companies, partnerships, or sole proprietorships; prevents contributors from deducting contributions for state income tax purposes.

Caps total tax credits allocated statewide at $250,000 per calendar year and requires eligible organizations to provide written certification to the Department of Revenue meeting specified criteria.

Effective January 1, 2025.