Bill Text: MS SB2889 | 2024 | Regular Session | Introduced
Bill Title: Preschool and prekindergarten tax credit; expand for contributions to programs serving three-year-old children.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Failed) 2024-03-27 - Died In Committee [SB2889 Detail]
Download: Mississippi-2024-SB2889-Introduced.html
MISSISSIPPI LEGISLATURE
2024 Regular Session
To: Education; Finance
By: Senator(s) Boyd
Senate Bill 2889
AN ACT TO AMEND SECTION 27-7-22.37, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT QUALIFIED CONTRIBUTIONS TO PRESCHOOL OR PREKINDERGARTEN PROGRAMS SERVING CHILDREN AT LEAST THREE YEARS OF AGE ARE ELIGIBLE FOR THE INCOME TAX CREDIT APPLYING TO PREKINDERGARTEN PROGRAM SUPPORT CONTRIBUTIONS; 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 preschool or 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) Any preschool or 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 preschool or prekindergarten program recipient or such other written verification as may be required by the Department of Revenue.
(4) 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.
(5) 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 preschool or prekindergarten support program and the application process for provider, lead partner and collaborative candidates.
(6) During calendar year 2024 and every calendar year thereafter, the credit authorized in this section shall apply to qualified preschool or prekindergarten program support contributions to public school programs for children at least three (3) years of age.
SECTION 2. This act shall take effect and be in force from and after July 1, 2024.
