Approved ECO Credits
Date Posted: August 14, 2024
We’ve got great news for businesses!
We are excited to announce that Mississippi Families for Kids is now an Eligible Charitable Organization under the Children’s Promise Act. This means that specified businesses can receive a Mississippi state tax credit when they donate to the organization. Credits are different from deductions because they have the potential to directly reduce the amount you owe in taxes or even get you a refund. That’s like getting your money right back! What better way to take advantage of this benefit than giving to a worthy cause?
Business Taxpayers (Corporations, Partnerships, Limited Liability Companies, and Sole Proprietorships) making contributions up to 2 million dollars during the fiscal year will be able to use this credit against the following tax types: Income Tax (50% of tax liability), Insurance Premium Tax (50% of tax liability), Insurance Premium Retaliatory Tax (50% of tax liability), and Ad Valorem Tax (for entities not operating as a corporation, 50% of real property tax liability). Even better, unused credits can be carried forward for up to 5 years. The process is easy.
- If you have not already done so, create an account with the MS Department of Revenue on TAP here. Then you can apply for a charitable contribution credit based on the amount you plan to donate.
- Make a donation to Mississippi Families for Kids here.
- Once you make your donation, we will send you correspondence acknowledging your contribution (your business may also request a W-9).
- Submit these forms to MS-DOR via the TAP portal and save copies for when you are ready to file taxes.
- Claim the credit on your taxes and reap the benefits!
We hope that your business will take advantage of this benefit and partner with Mississippi Families for Kids in 2024. We have so many ways you can support us as we work to improve the lives of Mississippi’s children and families.
***Note: Contribution cannot be used for other state charitable credits and cannot be used as a deduction for state income tax purposes.