Senate Bill 2843

AN ACT TO AUTHORIZE AN INCOME TAX CREDIT FOR CONTRIBUTIONS TO CERTAIN NONPROFIT ORGANIZATIONS THAT ARE MADE TO SUPPORT THE MISSISSIPPI INTEGRATED BASIC EDUCATION AND SKILLS TRAINING MODEL PROGRAM; TO LIMIT THE AMOUNT OF THE CREDIT THAT MAY BE CLAIMED IN ANY TAXABLE YEAR; TO LIMIT THE AGGREGATE AMOUNT OF CREDITS THAT MAY BE AWARDED UNDER THIS ACT IN ANY ONE CALENDAR YEAR; AND FOR RELATED PURPOSES.

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

SECTION 1. (1) There shall be a credit against the taxes imposed by this chapter in the amount of contributions made by a taxpayer to a qualified Mississippi nonprofit organization created to serve the state community and junior college system in nonprofit endeavors that are made to support the Mississippi Integrated Basic Education and Skills Training (MI-BEST) model program. The amount of the credit shall not exceed One Million Dollars ($1,000,000.00) in any taxable year. In order to qualify for the tax credit authorized by this section, the contributions shall be made to a nonprofit organization approved by the Mississippi Community College Board to match state-appropriated funds. Any unused portion of the credit may be carried forward for the three (3) succeeding tax years.

(2) The aggregate amount of credits that may be awarded in the 2016 calendar year shall not exceed Ten Million Dollars ($10,000,000.00). The aggregate amount of credits that may be awarded in the 2017 calendar year shall not exceed Twelve Million Dollars ($12,000,000.00). The aggregate amount of credits that may be awarded in the 2018 calendar year and in each calendar year thereafter shall not exceed Fifteen Million Dollars ($15,000,000.00).

(3) Contributions shall be verified by such information as the Department of Revenue shall require and the department shall promulgate such rules and regulations that are necessary to effectuate the purposes of this act.

SECTION 2. This act shall take effect and be in force from and after January 1, 2016.