Children’s Promise Act 2024 Tax Credit
Steps Involved for 2024 for Individuals:
Click the button below. Then, scroll to Apply Online and click the “Apply for a Charitable Contribution Credit.“
Select QFCCO and Give a donation to Methodist Children’s Homes of Mississippi. Once you submit your online application, the MSDOR will send you a letter letting you know whether or not your application has been approved, usually within 10 days. If approved, your approval letter will provide you with a confirmation number and a letter ID number. These numbers are very important to keep for your tax records. Please keep these numbers in a safe place.
MCH will email you a receipt letter. If you would like us to email your receipt letter to you, please provide written instructions with your donation and be sure to include your email address. This receipt letter will serve as your proof of donation to the MSDOR. Once you receive your receipt by email from MCH, you need to submit it to the MSDOR.
The state of Mississippi offers a dollar-for-dollar tax credit to individuals for donations made to eligible Qualified Foster Care Charitable Organizations (QFCCO) and MCH qualifies as a QFCCO.
An individual is allowed a tax credit of up to $3,000 filing jointly ($1,500 filing single) in a QFCCO.
Steps Involved for 2024 for Businesses:
Click the button below. Then, scroll to Apply Online and click the “Apply for a Charitable Contribution Credit.“
Select QFCCO and Give a donation to Methodist Children’s Homes of Mississippi. Once you submit your online application, the MSDOR will send you a letter letting you know whether or not your application has been approved, usually within 10 days. If approved, your approval letter will provide you with a confirmation number and a letter ID number. These numbers are very important to keep for your tax records. Please keep these numbers in a safe place.
MCH will email you a receipt letter. If you would like us to email your receipt letter to you, please provide written instructions with your donation and be sure to include your email address. This receipt letter will serve as your proof of donation to the MSDOR. Once you receive your receipt by email from MCH, you need to submit it to the MSDOR.
Who can Apply for an Allocation of Credit: Business Taxpayers (Corporations, Partnerships, Limited Liability Companies, and Sole Proprietorships), married couples, and single individuals.
Tax Credit: Businesses, married couples, and single individuals can receive a dollar for dollar reduction in their MS state income taxes, Insurance Premium taxes, Insurance Premium Retaliation tax or ad valorem tax. The amount of the reduction is up to ½ of your tax bill.
Carry Forward: If you do not use the tax credit in one year, you do not lose it. You can take the credit over the next five (5) years immediately following your gift.
Other Limitations: Contributions cannot be used for other state charitable credits and cannot be used as a deduction for state income tax purposes