Effective Date: July 1, 2023

House Bill 1723 of the 2023 Regular Session allows for a tax credit for voluntary cash contributions to eligible charitable food bank organizations (FBCO). This credit is available to taxpayers.

Total Maximum Allocation: $1,000,000

Limits on Total Allocations per FBCO: N/A

Who can Qualify as an FBCO: Organizations that are exempt from federal taxation under Section 501(c)(3) of the Internal Revenue Code and who purchase, warehouse, and deliver food directly to food pantries or soup kitchens in more than five (5) Mississippi counties on a monthly basis

Who can Apply for an Allocation of Credit: Business Taxpayers (Corporations, Partnerships, Limited Liability Companies, and Sole Proprietorships) Tax-

Types that Credit can be used Against: Income Tax (50% of tax liability), Insurance Premium Tax (50% of tax liability), Insurance Premium Retaliatory Tax (50% of tax liability), Ad Valorem Tax (50% of real property tax liability)

Carry Forward: 5 years

Other Limitations: Contribution cannot be used for other state charitable credits and cannot be used as a deduction for state income tax purposes

Listing of Current Qualified FBCOs:

• Extra Table, Inc., 3904 Hardy Street, Hattiesburg, MS 39402, 601-447-4667
• Feeding the Gulf Coast, 5248 Mobile South Street, Theodore, AL 36582, 251-653-1617
• Mid-South Food Bank, 3865 South Perkins Road, Memphis, TN 38118, 901-527-0841
• Mississippi Food Network, Inc., PO Box 411, Jackson, MS 39205, 601-973-2210

How to Apply for Credits for Contributions to FBCOs:
Businesses must have their contribution(s) certified by completing the appropriate application at www.dor.ms.gov/credits/FBCO and sending it to the Department for review. Instructions are included in the applications. A letter response to the application will be sent within 30 days after receipt.