SB2866

Mississippi SB2866 authorizes an income tax credit for contributions to qualifying charitable organizations.

Mississippi SB2866 allows taxpayers to claim an income tax credit for voluntary cash contributions to qualifying charitable organizations. The credit is limited to 50% of the taxpayer's total tax liability for the year. Unused credits can be carried forward for five consecutive years. Qualifying organizations must be exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code, spend at least 50% of their budget on services to qualified individuals in Mississippi, and provide services to at least 15 qualified individuals annually.