Tax credits; authorize for business taxpayer contributions to certain charitable organizations.

HB 1687 would allow Mississippi business taxpayers (corporations, LLCs, partnerships, or sole proprietorships) to claim tax credits against income, insurance premium, and property taxes for cash donations to specific charities. These charities must provide youth-focused programs in education, physical development, social/emotional growth, and workforce development, and must certify compliance with IRS 501(c)(3) status and program criteria. Credits would be limited to 50% of a business’s tax liability for the year and capped at $250,000 total statewide annually, with unused credits carryable forward for up to five years. The bill died in committee on February 26, 2025, and was never enacted.