Children's Promise Act Notice Calendar Year 2020 | 1/2/2020
Notice: 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 eligible charitable organizations cannot exceed five million dollars ($5,000,000) in a calendar year.
The Department has received applications for allocations exceeding the five million dollars ($5,000,000) of funds available for the 2020 calendar year. Thus, unless businesses fail to make the contributions to the charitable organizations specified on the applications, there will be no additional funds to allocate for the 2020 year. | Children's Promise Act Notice | 12/4/2019
Notice: In 2019, the Mississippi Legislature passed the Children’s Promise Act, which authorized a tax credit for businesses when they donate to an Eligible Charitable Organization. There is no cap for each individual business taxpayer; however, the total amount that can be allocated is $5,000,000 for all business taxpayers combined. The Department foresees that applications for the entire $5,000,000 will be submitted soon after the application process opens on January 1, 2020. For more guidelines on how the credits will be allocated, please click here.
Update 12/13/19 - Taxpayers planning to apply for an Allocation of Business Contributions Made to Eligible Charitable Organizations on January 1, 2020, may send a test e-mail to contributiontaxcredit@dor.ms.gov during regular business hours. The Department will respond with the time received shown on our e-mail system. The Department's email system is unable to accept emails over 25MB. | Business Contributions Made to Eligible Charitable Organizations (Children’s Promise Act) | 10/24/2019
Notice: 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 eligible
charitable organizations cannot exceed five million dollars ($5,000,000) in a
calendar year.
The
Department has allocated the five million dollars ($5,000,000) of funds
available for the 2019 calendar year.
The
Department of Revenue will begin accepting applications for the 2020 calendar
year after January 1, 2020.
| Mississippi Storm and Flooding Relief | 10/1/2019
Mississippi will follow federal extensions granted to victims of severe storms, straight-line winds,
tornadoes and flooding that took place between February 22, 2019 and March 29, 2019.
Taxpayers who reside in the counties designated as federally declared disaster areas have until
July 31, 2019 to file individual income, corporate income and pass-through entity tax returns due
between February 22, 2019 and March 29, 2019. This relief does not provide an extension for
payments on prior liabilities.
Any disaster area taxpayer who receives a penalty notice should contact our office at (601) 923-
7700 to receive abatement. In addition, we will work with any taxpayer who resides elsewhere
but whose books, records or tax professional are located in the disaster areas.
| Military Spouses Residency Relief Act Update | 8/21/2019
The Military Spouses Residency Relief Act (MSRRA) provides that spouses of military personnel who move to Mississippi due to the servicemember spouse being posted for military duty can keep their former residency for tax purposes throughout the marriage.On December 31, 2018, the MSRRA was changed by amending the Servicemember Civil Relief Act (SCRA) to allow the spouse of a servicemember to elect to use the same residence as the servicemember. The election can be made for any taxable year of the marriage.
As a result, amended Mississippi income tax returns may be filed to claim the MSRRA exemption for any tax year(s) that are within three (3) years of the due date of the original return filed, or the extended due date, whichever is later.
|
1
- 5  |
|