JACKSON, Miss (WJTV) - Governor Phil Bryant signed a law which gives business a dollar for dollar tax break up to $1000 for donations made to organizations that serve children and families in crisis.
HB 1566 goes into effect July 1. The Mississippi Center for Public Police and the governor's Faith Advisory Council advocated on behalf of the legislation.
MCPP Champions Important Foster Care Reform
New law provides a dollar-for-dollar tax break that will help transform foster care in Mississippi
Advocates say the change could result in millions more for foster care, disabled children, and families in poverty.
Dr. Jameson Taylor, vice president of MCPP and vice chair of the Mississippi Faith Advisory Council, said: “This law is a game changer for Mississippi nonprofits. Based on a similar program in Arizona, we believe this law will generate millions of dollars in new services. Tax breaks like these can increase donations by as much as 5 to 1. That means that for every dollar contributed, the return will be $5 in new and additional services. I can’t imagine a better way to leverage a tax cut for the hardworking families of Mississippi.”
Mississippi is the second state in the country to pass the legislation.