HB738

Authorizes an income tax credit for contributions to qualifying charitable organizations in Mississippi.

Mississippi HB738 would allow taxpayers to claim an income tax credit for voluntary cash contributions to qualifying charitable organizations. These organizations must be exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code and provide services to at least 15 qualified individuals in the state annually. They must also spend at least 50% of their budget on services to qualified individuals in Mississippi. The credit is limited to 50% of the taxpayer's total tax liability. Unused credits can be carried forward for five years.