Mississippi SB 2736: Endow Mississippi Program tax credits; extend time period for authorization.

Bill Text

S. B. No. 2736 *SS08/R45* ~ OFFICIAL ~ G3/5
23/SS08/R45
PAGE 1 (icj\kr)

To: Finance
MISSISSIPPI LEGISLATURE REGULAR SESSION 2023

By: Senator(s) Harkins

SENATE BILL NO. 2736

AN ACT TO AMEND SECTION 27-7-207, MISSISSIPPI CODE OF 1972, 1
TO EXTEND THE TIME PERIOD IN WHICH INCOME TAX CREDITS MAY BE 2
AUTHORIZED UNDER THE ENDOW MISSISSIPPI PROGRAM; AND FOR RELATED 3
PURPOSES. 4
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: 5
SECTION 1. Section 27-7-207, Mississippi Code of 1972, is 6
amended as follows: 7
27-7-207. (1) Subject to the limitations provided for in 8
this section, through calendar year * * * 2027 a taxpayer shall be 9
allowed a credit against the tax imposed by Chapter 7, Title 27, 10
in an amount equal to twenty-five percent (25%) of a qualified 11
contribution to an endowed fund at a qualified community 12
foundation, subject to the following: 13
(a) The minimum amount of a qualified contribution 14
shall be One Thousand Dollars ($1,000.00). 15
(b) The maximum amount of a qualified contribution 16
shall be Two Hundred Thousand Dollars ($200,000.00). 17
(c) The total qualified contributions from any 18
qualified taxpayer eligible for the tax credit authorized under 19

S. B. No. 2736 *SS08/R45* ~ OFFICIAL ~
23/SS08/R45
PAGE 2 (icj\kr)
ST: Endow Mississippi Program tax credits;
extend time period for authorization.
this section shall be Two Hundred Thousand Dollars ($200,000.00) 20
per year. 21
(2) Except as otherwise provided in this subsection, the 22
aggregate amount of tax credits authorized under this article 23
shall not exceed Five Hundred Thousand Dollars ($500,000.00) in 24
any one (1) calendar year. The credits shall be awarded on a 25
first-come, first-served basis. If the tax credits authorized 26
for * * * any calendar year are not utilized, the amount not 27
utilized may be awarded or carried forward in up to five (5) 28
subsequent calendar years from the year in which such credits are 29
made available. 30
(3) If the amount allowable as a credit exceeds the tax 31
imposed by Chapter 7, Title 27, the amount of such excess may be 32
carried forward for not more than five (5) subsequent taxable 33
years. 34
(4) From and after January 1, * * * 2028, no additional 35
credits shall be authorized under this section; however, any tax 36
credits authorized prior to January 1, * * * 2028, and not used, 37
may be carried forward for not more than five (5) taxable years 38
subsequent to calendar year * * * 2027. 39
SECTION 2. This act shall take effect and be in force from 40
and after July 1, 2023. 41