Eligible Charitable Organizations - The Children's Promise Act

An income tax credit is available for a business enterprise engaged in commercial, industrial or professional activities operating as a corporation, limited liability company, partnership or sole proprietorship.  A credit is allowed against the taxes imposed by Miss. Code Ann. Sections 27-7-5, 27-15-103, 27-15-109 and 27-15-123, for voluntary cash contributions during the taxable year to an eligible charitable organization (ECO).  The amount of credit that may be utilized in a taxable year shall be limited to an amount not to exceed fifty percent (50%) of the total tax liability of the business enterprise for the taxes imposed by such sections of law.

Miss. Code Ann. §27-7-22.41 provides that the aggregate amount of tax credits that may be allocated by the Department of Revenue to certain business enterprises making voluntary cash contributions to ECOs cannot exceed five million dollars ($5,000,000) in a calendar year.​  


Businesses claiming their contribution(s) on their tax return must have their contribution(s) certified by completing the following application and sending it to the Department for review. Instructions are included in the application.

ECOs Eligible for Voluntary Cash Contributions under The Children’s Promise Act:

For more information concerning ECOs and the related income tax credit please see the Technical Bulletin here​​.​

An eligible charitable organization interested in qualifying should submit a letter ruling request. Instructions for submitting a letter ruling request can be found here.

Notices

Listing of Allocated Funds
2020

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