Bill No. HB1988
Bill ID
1867581
State
MS
Title
Children's Promise Act; increase amount of tax credits that may be allocated under, bring forward various tax credit sections of law.
Description
An Act To Amend Section 27-7-22.41, Mississippi Code Of 1972, Which Provides An Income Tax Credit, Insurance Premium Tax Credit And Ad Valorem Tax Credit For Contributions Made By Certain Taxpayers To Certain Eligible Charitable Organizations, To Increase The Maximum Aggregate Amount Of Tax Credits That May Be Allocated By The Department Of Revenue Under This Section During A Calendar Year; To Authorize Additional Tax Credits For Calendar Year 2024 For Contributions To Certain Eligible Charitable Organizations; To Provide That A Taxpayer Who Is Allocated A Tax Credit During A Calendar Year May Use The Credit Against Income Taxes And Insurance Premium Taxes Imposed For The Immediately Preceding Taxable Year, Provided That The Taxpayer Has Not Already Filed A Return For Such Taxes; To Provide That Taxpayers Who Applied During The Month Of January 2024, For Tax Credits For Calendar Year 2024, But Who Were Unable To Be Awarded Credits Due To The Limit On The Aggregate Amount Of Credits Authorized For Calendar Year 2024, Shall Be Given Priority For Such Additional Tax Credits; To Revise The Percentage Of Tax Credits Allocated During A Calendar Year For Contributions To Certain Eligible Charitable Organizations That May Be Allocated For Contributions To A Single Organization; To Bring Forward Sections 27-7-22, 27-7-22.3, 27-7-22.5, 27-7-22.7, 27-7-22.13, 27-7-22.15, 27-7-22.16, 27-7-22.17, 27-7-22.18, 27-7-22.19, 27-7-22.20, 27-7-22.21, 27-7-22.22, 27-7-22.23, 27-7-22.25, 27-7-22.27, 27-7-22.28,27-7-22.29, 27-7-22.30, 27-7-22.31, 27-7-22.32, 27-7-22.33, 27-7-22.34, 27-7-22.35, 27-7-22.36, 27-7-22.37, 27-7-22.39, 27-7-22.40, 27-7-22.42, 27-7-22.43, 27-7-22.44, 27-7-22.45, 27-7-22.46, 27-7-22.47, 27-7-22.48, 27-7-22.49, 27-7-205, 27-7-207, 27-7-209, 57-73-21, 57-73-23, 57-87-5, 57-87-7, 57-105-1, 57-10-409, 57-114-3, 57-114-7, 57-114-9, 57-115-3 And 57-115-5, Mississippi Code Of 1972, Which Authorize Various Tax Credits, For The Purposes Of Possible Amendment; And For Related Purposes.
Bill Type
Bill
Category
Program Expansion, Individual Tax Credit or Benefit
Session
2024 Regular Session
Special Session
No Data Available
Current Status
Failed
Status Last Updated
2024-05-14
Pending Committee
Calendar
No data available