CHILDREN’S PROMISE ACT TAX CREDIT

CPC Metro Friends Flower no question markAbout the Children’s Promise Act Tax Credit
This information is not intended to give tax advice. Please consult with your tax professional about your specific tax questions.

A Mississippi state income tax credit is available for voluntary cash contributions from individuals made to a Qualified Charitable Organization (QCO). The Center for Pregnancy Choices – Metro Area is a QCO!
For contributions made to a QCO, the tax credit is limited to the lesser of four hundred dollars ($400) or the amount of the contribution in any taxable year for a single individual or a head of household, and the lesser of eight hundred dollars ($800) or the amount of the contribution in any taxable year for a married couple filing a joint return.

HOW DO I CLAIM THE CHILDREN’S PROMISE ACT TAX CREDIT?
– After you make a donation to the CPC Metro Area, fill out the MSDOR Children’s Promise Act Tax Credit Application.
– Complete the application and return it to the MSDOR with verification of your contribution (your receipt).
– You will receive a document back from the MSDOR to take to your tax professional to file with your taxes.

WHAT IS THE PERIOD FOR MAKING CONTRIBUTIONS?
The Mississippi Department of Revenue will allocate credits within a calendar year.
The tax credits provided by the Children’s Promise Act are limited to $3,000,000 per calendar year.
The Children’s Promise Act allows for allocations each calendar year beginning January 1, 2019 and ending December 31, 2020.

For more information, visit Mississippi Department of Revenue’s website.