Endow Mississippi Initiative
The Community Foundation Network, after researching similar programs around the country in the fall of 2016, has drafted proposed legislation that would establish tax credits for charitable gifts made by individuals, businesses, and organizations to endowed funds held by community foundations in Mississippi.
The legislation would authorize $500,000 in tax credits annually for five years. Each tax credit would be equal to 25% of qualifying endowment gifts, so a $10,000 qualifying donation to a community foundation endowment would generate a tax credit of $2,500 for the donor. Endowment gifts from $1,000 to $200,000 qualify for the tax credit.
Meetings were held in May with state Sen. Joey Fillingane of Hattiesburg and state Rep. Jeff Smith of Columbus, both of whom have agreed to sponsor the legislation. A revised draft bill has been completed by state Senate staff, and the draft bill has been submitted to the Department of Revenue for review and an analysis of its impact on the state budget.
MAG staff will begin meeting with the Boards of Directors at community foundations in late July and early August to review and generate support for the proposed legislation, which is expected to be introduced in the 2018 legislative session. Outreach to other state legislators will also begin in July.
For more information, contact MAG’s Executive Director, Sammy Moon.