SB2841

Authorizes tax credits for business contributions to charitable organizations supporting youth development and workforce readiness.

Mississippi SB2841 authorizes tax credits for business contributions to eligible charitable organizations. These organizations must be exempt from federal income tax and support programs advancing youth in education, physical development, social/emotional development, and workforce development. Credits can be applied against income and insurance premium taxes, and ad valorem taxes on real property. The credits are limited to 50% of the taxpayer's total tax liability for these taxes. The Department of Revenue allocates credits based on contribution amounts, with a cap of $250,000 annually.