a few highlights about
MISSISSIPPI’S CHILDREN’S PROMISE ACT TAX CREDIT
for Businesses
Canopy is an Eligible Charitable Organization (ECO) and an Eligible Home Organization (ETHO). By supporting Canopy, you may now be able to receive tax credits for up to 100% of your state tax liability
All of your tax dollars to the
State of Mississippi
Up to 50%
Of your tax dollars to
Through the ECO Tax Credit
Up to 50%
Of your tax dollars to
Through the ETHO Tax Credit
TAX CREDITS ARE LIMITED AND WILL GO QUICKLY AT 8 A.M. ON TUESDAY, JANUARY 2, 2024.
CANOPY IS READY TO ASSIST WITH THE TIMELY SUBMISSION OF YOUR ALLOCATION REQUEST.
Information for ECO TAX CREDITS:
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 (for entities not operating as a corporation, 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
Information for ETHO TAX CREDITS:
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 (for entities not operating as a corporation, 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
This information is not intended to give tax advice. Consult a tax professional regarding your specific tax situation.