Choose Life Mississippi
Tax Credits for Businesses
The Pregnancy Resource Act
The Pregnancy Resource Act recognizes the vital work of pregnancy centers and allows businesses to redirect their tax dollars to invest in the life-saving work of serving women who are in crisis situations. This groundbreaking law reserves $10 million in annual tax credits for eligible donations. Businesses receive the tax credit for their qualifying donations to pregnancy centers.
The increase in available funds will be reflected after the effective date of July 1, 2023. This new law creates a dollar for dollar state tax credit not only a deduction. The credit is available for 50% of the business’s state tax liability. The credit can be carried forward for up to 5 years.
The credit is available on a first come, first served basis, which is why businesses can apply before making large donations based on their previous state taxes and ad valorem taxes. Businesses are given an acknowledgement of tax credit amount to be filed with their tax filing.
Dollar-for-Dollar Tax Credit
- It creates a dollar-for-dollar tax credit (not a deduction)
- The credit is for as much as 50% of the business’s tax liability
- The credit can be carried forward for up to 5 years
- It’s only $10 million per calendar year, so the credit is offered on a first-come, first-serve basis
Tax Credits Available for PRCOs
Under the Pregnancy Resource Act, up to $10 million of the tax credits allocated during the 2023 calendar year may be allocated for contributions to PRCOs. No more than fifty percent (50%) of the credits may be allocated for contributions to a single PRCO, resulting in a per PRCO cap of $5,000,000.
- Download and submit the MSDOR application for tax allocation.
- 2023 Pregnancy Resource Charitable Organizations
Act NOW to Claim Your Credit! There is a limited amount of tax credit money available each calendar year, so act quickly to take advantage of the credit.
- Within 30 days of receipt, MSDOR will send notification of allocation.
- Businesses may receive a tax credit by giving to qualified Choose Life agencies. Click HERE for agencies that apply. Gift must be received within 60 days of receipt of MSDOR notification of allocation.
- Businesses or individuals can give a tax deductible gift to Choose Life Mississippi or to our Mississippi Pregnancy Centers.
- Send donation verification to the MSDOR (CPC receipt letter). Verification must be received within 60 days of receipt of notification of allocation.
The Mississippi Department of Revenue will allocate credits within a calendar year.
The Pregnancy Resource Act allows for allocations each calendar year beginning January 1, 2023 and ending December 31, 2023. This information is not intended to give tax advice. Please consult with your tax professional about your specific tax questions.
For more information, visit https://www.dor.ms.gov/business/eligible-charitable-organizations-childrens-promise-act
