Senate Bill 3062

AN ACT TO PROVIDE AN INCOME TAX CREDIT IN AN AMOUNT EQUAL TO THE VALUE OF ANY PRODUCT OR MATERIALS THAT THE TAXPAYER DONATES DURING CALENDAR YEAR 2005 AND 2006 THAT ARE UTILIZED BY VOLUNTEERS IN PERFORMING RELIEF WORK NECESSITATED AS A RESULT OF HURRICANE KATRINA IN THE SIX SOUTHERNMOST COUNTIES OF THE STATE. TO OBTAIN THE CREDIT, THE TAXPAYER SHALL PROVIDE THE STATE TAX COMMISSION SUCH DOCUMENTATION AS THE COMMISSION MAY REQUIRE; AND FOR RELATED PURPOSES.

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

SECTION 1. (1) There shall be allowed as a credit against the tax imposed by the Income Tax Law of 1952 an amount equal to the value of any product or materials that the taxpayer donates during calendar years 2005 and 2006 that are utilized by volunteers in performing relief work necessitated as a result of Hurricane Katrina in the six (6) southernmost counties of the state.

(2) To obtain the credit, the taxpayer shall provide the State Tax Commission such documentation as the commission may require.

(3) Any tax credit claimed under this section but not used in any taxable year may be carried forward for five (5) consecutive years for the close of the tax year in which the credits were earned. The credit that may be utilized in any one (1) tax year shall be limited to an amount not greater than the total state income tax liability of the taxpayer.

SECTION 2. This act shall take effect and be in force from and after January 1, 2006.