Bill > HB738

This bill establishes an income tax credit for voluntary cash contributions made by individual taxpayers and business enterprises to qualifying charitable organizations, which are defined as organizations exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code that provide services to at least fifteen individuals with diagnosed intellectual, developmental, or physical disabilities who cannot live independently, and spend at least fifty percent of their budget on such services within Mississippi, or if they spend less than fifty percent of their overall budget in Mississippi, they must spend at least fifty percent of their Mississippi budget on these services and commit to using one hundred percent of the taxpayer's contribution for these services, with the credit limited to fifty percent of the taxpayer's total tax liability and unused portions able to be carried forward for five years, and an aggregate annual limit of $500,000 for all credits issued under this act, which takes effect on January 1, 2026.

Budget and Finance

https://billstatus.ls.state.ms.us/2026/pdf/history/HB/HB0738.xml