Mississippi HB990: Income tax; authorize a credit for contributions made to certain hospitals.

What the bill says

An act to authorize an income tax credit for voluntary cash contributions by taxpayers to rural hospitals; to limit the amount of the credit; to provide that unused portions of a credit may be carried forward for five consecutive years from the close of the tax year in which the credit was earned; to provide that contributions for which credits are claimed under this act may not be used as deductions for state tax purposes; to provide the criteria that a hospital must meet in order for a contribution to the hospital to qualify for the credit authorized by this act; and for related purposes.

From the introduced text:

AN ACT TO AUTHORIZE AN INCOME TAX CREDIT FOR VOLUNTARY CASH CONTRIBUTIONS BY TAXPAYERS TO RURAL HOSPITALS; TO LIMIT THE AMOUNT OF THE CREDIT; TO PROVIDE THAT UNUSED PORTIONS OF A CREDIT MAY BE CARRIED FORWARD FOR FIVE CONSECUTIVE YEARS FROM THE CLOSE OF THE TAX YEAR IN WHICH THE CREDIT WAS EARNED; TO PROVIDE THAT CONTRIBUTIONS FOR WHICH CREDITS ARE CLAIMED UNDER THIS ACT MAY NOT BE USED AS DEDUCTIONS FOR STATE TAX PURPOSES; TO PROVIDE THE CRITERIA THAT A HOSPITAL MUST MEET IN ORDER FOR A CONTRIBUTION TO THE HOSPITAL TO QUALIFY FOR THE CREDIT AUTHORIZED BY THIS ACT; 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) "Rural hospital" means a licensed hospital that has fifty (50) or fewer licensed beds. (c) "Voluntary cash contribution" means a cash contribution made to a rural hospital by the taxpayer applying for a credit and does not include payment for or the donation of merchandise, services or goods. *HR26/R605* H. B. No. 990 ~ OFFICIAL ~ R3/5 26/HR26/R605 PAGE 1 (BS\KW) (2) (a) (i) The tax credit authorized …