§ 27-7-201. Short title
This article shall be known and may be cited as the “Endow Mississippi Program.”
§ 27-7-203. Legislative purpose
The purpose of this article is to promote philanthropic investments in local community development programs and activities, and to enhance the quality of life for Mississippi’s children, families and communities, by providing a tax credit for charitable gifts made by taxpayers to endowed funds held by community foundations in Mississippi.
§ 27-7-205. Definitions
As used in this article: “Qualified community foundation” means an entity that is exempt from federal income taxation under Section 501(c)(3) of the Internal Revenue Code that is recognized by the Mississippi Association of Grantmakers as meeting the following requirements: It is organized by articles of incorporation in the State of Mississippi to serve the […]
§ 27-7-207. Credit against tax imposed by this chapter equal to 25% of qualified contribution to endowed fund at qualified community foundation subject to certain requirements
Subject to the limitations provided for in this section, through calendar year 2023 a taxpayer shall be allowed a credit against the tax imposed by Chapter 7, Title 27, in an amount equal to twenty-five percent (25%) of a qualified contribution to an endowed fund at a qualified community foundation, subject to the following: The […]
§ 27-7-209. Allocation of authorized tax credits; maintenance of records that determine priority for awarding tax credits
For each calendar year, a total of ten percent (10%) of the authorized tax credits shall be reserved for qualified contributions to each of the qualified community foundations in Mississippi for a period of nine (9) months. Any credits that are not utilized within the nine-month period shall be utilized for qualified contributions to any […]
§ 27-7-211. Development of forms, procedures for review and approval of applications for tax credits, and issuance of tax credits; establishment of reporting and monitoring requirements; monitoring and annual certification of approved tax credits
The Mississippi Association of Grantmakers, or its successor entity, in cooperation with qualified community foundations in Mississippi, shall develop application forms, procedures for the review and approval of applications for tax credits authorized under this article, for the issuance of tax credits authorized under this article, and to establish reporting and monitoring requirements for the […]
§ 27-7-213. Tax credits are non-transferable; process for allocation of available tax credits if less than requested; periodic reporting of impact of tax credits
No tax credits issued under this article to any qualified taxpayer shall be sold or otherwise transferable to any other taxpayer. Should the total amount of tax credits available, whether reserved to qualified community foundations or otherwise, be less than the total amount of tax credit requested under the provisions of this article, the Mississippi […]