House Bill 1903 Summary

• Increases maximum aggregate charitable tax credits from $18 million to $32 million (2025), $36 million (2026), and $40 million (2027 onward), with reduced per-organization caps for educational services organizations from 4.5% to 3%

• Extends the New Markets Tax Credit program deadline from July 1, 2024 to July 1, 2029 for the Mississippi Development Authority to allocate income and insurance premium tax credits

• Updates broadband technology definitions and investment timelines for telecommunications enterprises, extending the credit deadline to July 1, 2030, and capping aggregate annual credits at $15 million with a $1.5 million per-enterprise limit beginning in 2025

• Authorizes a new tax credit for business contributions to youth-focused charitable organizations supporting education, physical development, social/emotional development and workforce development, with a $250,000 annual aggregate cap and five-year carryforward provisions

• Modifies ad valorem tax exemptions for broadband equipment placed in service after June 30, 2025, distinguishing between fixed broadband (10-year exemption) and mobile broadband (5-year exemption) with FCC speed benchmarks, and requires certified equipment descriptions submitted to county tax assessors by April 1