Senate Bill 2512

AN ACT TO AMEND SECTION 27-7-22.37, MISSISSIPPI CODE OF 1972, TO AUTHORIZE THE BOARD OF TRUSTEES OF A SCHOOL DISTRICT TO CERTIFY EARLY LEARNING COLLABORATIVES AS APPROVED FOR PURPOSES OF THE INCOME TAX CREDIT FOR QUALIFIED PREKINDERGARTEN PROGRAM SUPPORT CONTRIBUTIONS PAID TO APPROVED PROVIDERS, LEAD PARTNERS OR COLLABORATIVES; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. Section 27-7-22.37, Mississippi Code of 1972, is amended as follows:

27-7-22.37. (1) There shall be allowed as a credit against the tax imposed by Section 27-7-5 the amount of the qualified prekindergarten program support contributions paid to approved providers, lead partners or collaboratives, not to exceed One Million Dollars ($1,000,000.00), by any individual, corporation or other entity having taxable income under the laws of this state during calendar year 2013 or during any calendar year thereafter. In order to qualify for a tax credit, such contributions may support the local match requirement of approved providers, lead partners or collaboratives as is necessary to match state-appropriated funds, and any such providers, lead partners or collaboratives shall be approved by the State Department of Education.

(2) Any unused portion of the credit may be carried forward for three (3) tax years.

(3) In addition to any other method of approval, an early learning collaborative may apply to the board of trustees of the school district in which the collaborative is located for certification as an approved collaborative. The board of trustees shall examine the application and determine whether the collaborative meets the criteria specified in Section 37-21-51(1)(d)(i) through (iv). If the board of trustees determines that the collaborative meets the criteria, it may certify the collaborative as an approved collaborative and prekindergarten support contributions paid to the collaborative shall be eligible for the credit as authorized in this section.

( * * *34) Any prekindergarten program support contribution shall be verified by submission to the Mississippi Department of Revenue of a copy of the receipt provided to the donor taxpayer by the prekindergarten program recipient or such other written verification as may be required by the Department of Revenue.

( * * *45) The maximum amount of donations accepted by the Department of Revenue in calendar year 2014 shall not exceed Eight Million Dollars ($8,000,000.00), in calendar year 2015 shall not exceed Fifteen Million Dollars ($15,000,000.00), and in calendar year 2016 and calendar years thereafter shall not exceed Thirty-two Million Dollars ($32,000,000.00), or what is appropriated by the Legislature to fund Chapter 493, Laws of 2013 each year.

( * * *56) The Mississippi Department of Revenue shall promulgate rules necessary to effectuate the purposes of Chapter 493, Laws of 2013. Such rules shall include a means of informing the public of the existence of the prekindergarten support program and the application process for provider, lead partner and collaborative candidates.

SECTION 2. This act shall take effect and be in force from and after January 1, 2020.