Mississippi legislation · 2025 Regular Session
Mississippi HB1687: Tax credits; authorize for business taxpayer contributions to certain charitable organizations.
Status: Failed, February 26, 2025
AN ACT TO AUTHORIZE A CREDIT AGAINST INCOME AND INSURANCE PREMIUM TAXES FOR VOLUNTARY CASH CONTRIBUTIONS BY CERTAIN BUSINESS ENTERPRISES TO CERTAIN TAX-EXEMPT ORGANIZATIONS OPERATING AS MEMBERS OF A STATEWIDE ALLIANCE, OFFERING PROGRAMS TO ADVANCE MISSISSIPPI YOUTH IN EDUCATION ACHIEVEMENT, PHYSICAL DEVELOPMENT AND SOCIAL/EMOTIONAL DEVELOPMENT WHILE ALSO SUPPORTING WORKFORCE DEVELOPMENT; TO AUTHORIZE A CREDIT AGAINST AD VALOREM TAXES ON REAL PROPERTY FOR SUCH CONTRIBUTIONS BY CERTAIN BUSINESS ORGANIZATIONS NOT OPERATING AS CORPORATIONS; TO LIMIT THE AMOUNT OF THE CREDITS; TO ALLOW EXCESS AMOUNTS OF THE CREDIT TO BE CARRIED FORWARD FOR FIVE CONSECUTIVE YEARS; AND FOR RELATED PURPOSES.
What the bill says
An act to authorize a credit against income and insurance premium taxes for voluntary cash contributions by certain business enterprises to certain tax-exempt organizations operating as members of a statewide alliance, offering programs to advance mississippi youth in education achievement, physical development and social/emotional development while also supporting workforce development; to authorize a credit against ad valorem taxes on real property for such contributions by certain business organizations not operating as corporations; to limit the amount of the credits…
From the introduced text:
AN ACT TO AUTHORIZE A CREDIT AGAINST INCOME AND INSURANCE PREMIUM TAXES FOR VOLUNTARY CASH CONTRIBUTIONS BY CERTAIN BUSINESS ENTERPRISES TO CERTAIN TAX-EXEMPT ORGANIZATIONS OPERATING AS MEMBERS OF A STATEWIDE ALLIANCE, OFFERING PROGRAMS TO ADVANCE MISSISSIPPI YOUTH IN EDUCATION ACHIEVEMENT, PHYSICAL DEVELOPMENT AND SOCIAL/EMOTIONAL DEVELOPMENT WHILE ALSO SUPPORTING WORKFORCE DEVELOPMENT; TO AUTHORIZE A CREDIT AGAINST AD VALOREM TAXES ON REAL PROPERTY FOR SUCH CONTRIBUTIONS BY CERTAIN BUSINESS ORGANIZATIONS NOT OPERATING AS CORPORATIONS; TO LIMIT THE AMOUNT OF THE CREDITS; TO ALLOW EXCESS AMOUNTS OF THE CREDIT TO BE CARRIED FORWARD FOR FIVE CONSECUTIVE YEARS; AND FOR RELATED PURPOSES. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: SECTION 1. (1) For the purposes of this section, the following words and phrases shall have the meanings ascribed in this section unless the context clearly indicates otherwise: (a) "Department" means the Department of Revenue. (b) "Eligible charitable organization" means an organization that is exempt from federal income taxation under Section 501(c)(3) of the Internal Revenue Code and is consistently providing programs that advance Mississippi youth in education achievement, physical development and social/emotional development while also supporting workforce development. (2) (a) The tax credit authorized in this section shall be available only to a taxpayer that is a business enterprise engaged in commercial, industrial or professional activities and operating as a …