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

SB 2996 creates tax credits for Mississippi businesses that make cash contributions to qualifying nonprofits focused on youth development. Businesses (including corporations, LLCs, and partnerships) can claim credits against income tax, insurance premium tax, or property tax for donations to 501(c)(3) organizations running programs that advance Mississippi youth in education, physical health, social-emotional growth, and workforce readiness. The credit is limited to 50% of a business’s annual tax liability for the relevant taxes, with unused credits carryable forward for up to five years. The total annual tax credit allocation is capped at $250,000, and nonprofits must certify compliance with program requirements to remain eligible.