A tax CREDIT is available for voluntary cash contributions to eligible charitable organizations (“ECO”), educational services charitable organizations (“ESCO”), and Pregnancy Resource Charitable Organizations (“PRCO”). The amount of the credit is limited to fifty percent (50%) of the taxpayer’s total income tax liability, fifty percent (50%) of the taxpayer’s total insurance premium tax liability and, in the case of taxpayers not operating as a corporation, fifty percent (50%) of the total real property ad valorem tax liability. The tax credit may be carried forward for five (5) years.
Under the Children's Promise Act, up to $9,000,000 of the tax credits allocated during the 2023 calendar year may be allocated for contributions to ECOs that are either licensed by or under contract with the MS Department of Child Protection Services and provide services related to adoption and/or foster care related activities. No more than twenty-five percent (25%) of the credits may be allocated for contributions to a single ECO, resulting in a per ECO cap of $2,250,000.
Businesses must have their contribution(s) certified by completing the appropriate application on the MS Department of Revenue website.
Under the Children's Promise Act, up to $9,000,000 of the tax credits allocated during the 2023 calendar year may be allocated for contributions to ECOs that are either licensed by or under contract with the MS Department of Child Protection Services and provide services related to adoption and/or foster care related activities. No more than twenty-five percent (25%) of the credits may be allocated for contributions to a single ECO, resulting in a per ECO cap of $2,250,000.
Businesses must have their contribution(s) certified by completing the appropriate application on the MS Department of Revenue website.