HB395

Increases the limit on income and ad valorem tax credits for contributions to charitable and foster care organizations in Mississippi.

Mississippi HB395 increases the limit on income and ad valorem tax credits for contributions to qualifying charitable and foster care charitable organizations. The bill allows taxpayers to claim credits against their income and ad valorem taxes for voluntary cash contributions to these organizations. It specifies the maximum credit amounts based on the type of organization and the filing status of the taxpayer. The bill also sets an annual cap on the total tax credits that can be awarded. The changes are set to take effect from January 1, 2026.