MS SB2996

Authorizes tax credits against income taxes, insurance premium taxes, and ad valorem taxes on real property for voluntary cash contributions by business enterprises to eligible charitable organizations supporting Mississippi youth education, physical development, social/emotional development, and workforce development.

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

Eligible charitable organizations must be 501(c)(3) tax-exempt entities and provide written certification to the Department of Revenue detailing their programs and use of contributions.

Taxpayers must apply to the Department of Revenue for credit allocation; contributions must be made within 60 days of allocation or the credit is forfeited and returned for reallocation.

Aggregate annual cap of $250,000 in credits that may be allocated by the department; effective January 1, 2025.