Income tax; authorize credit for contributions to state institutions of higher learning.

SB 2845 would allow Mississippi taxpayers to claim an income tax credit of up to $25,000 annually for donations made to state institutions of higher learning (like public universities managed by the Board of Trustees of State Institutions of Higher Learning). Unused portions of the credit could be carried forward for up to five years. This directly affects individual taxpayers who contribute to eligible public colleges and universities, reducing their state income tax liability. The credit applies to contributions made in 2026 or later, with the law taking effect January 1, 2026.