HB 1902 Summary

• Increases maximum aggregate charitable tax credits for child protection and educational services from $18 million to $40 million annually starting January 1, 2025, while reducing the single-organization allocation cap from 4.5% to 3% for educational services.

• Extends the deadline for the Mississippi Development Authority to allocate income and insurance premium tax credits for qualified investments from July 1, 2024 to July 1, 2029.

• Reduces aggregate tax credit caps starting January 1, 2025 for prekindergarten support programs ($32 million to $20 million), pregnancy resource centers ($10 million to $7 million), and transitional housing organizations ($10 million to $5.5 million).

• Expands ad valorem tax credit eligibility for charitable contributions to organizations serving children, allowing corporations to claim credits starting January 1, 2025 (previously limited to non-corporations through 2024).

• Further reduces health care service provider tax credits from $3 million to $1 million annually and individual health care credits from $1 million to $500,000 starting January 1, 2025.