Authorizes income and ad valorem tax credits for contributions to rural hospitals.
Mississippi HB989 allows taxpayers to claim credits against income and ad valorem taxes for voluntary cash contributions to rural hospitals. The credit is limited to 75% of the taxpayer's total ad valorem tax liability and 50% for ad valorem taxes on real property. The total annual credit allocation is capped at $15 million, and credits cannot be claimed after 2040. Unused credits can be carried forward for five years. The Department of Revenue determines hospital eligibility and allocates credits based on contributions.
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