Receive an Individual Tax Credit While Transforming Children’s Lives

The state of Mississippi offers a tax credit for donations made to an eligible Qualified Charitable Organization. Your donation to Canopy can be a DOLLAR-FOR-DOLLAR TAX CREDIT on your Mississippi taxes up to $1,800.

Let us help! We can make it easy to become a hero for Mississippi’s children. Reach out to us via email at development@mycanopy.org or call the Canopy Development Department at 769-777-1012.

It Takes 3 Easy Steps.

Step One:
Complete the MSDOR’s Application for Allocation of Contributions Made to Qualifying Charitable Organizations or Qualified Foster Care Charitable Organizations. Submit to the Mississippi Department of Revenue (MSDOR).
Step Two:
Once you receive an allocation from the MSDOR, simply make a donation to Canopy to receive a tax credit up to $1,800.
Step Three:
Send verification of the contribution to the MSDOR. Verification must be received within 60 days of receipt of notification of allocation or before December 31.

FAQ’s about the Children’s Promise Act Tax Credit:

This information is not intended to give tax advice. Please consult with your tax professional about your specific tax questions.

An income tax credit is available for voluntary cash contributions from individuals made to a Qualified Charitable Organization (QCO) and/or a Qualified Foster Care Charitable Organization (QFCCO).

  • For contributions made to a QCO, the tax credit is limited to the lesser of four hundred dollars ($400) or the amount of the contribution in any taxable year for a single individual or a head of household, and the lesser of eight hundred dollars ($800) or the amount of the contribution in any taxable year for a married couple filing a joint return.
  • For contributions made to a QFCCO, the tax credit is limited to the lesser of five hundred dollars ($500) or the amount of the contribution in any taxable year for a single individual or a head of household, and the lesser of one thousand dollars ($1,000) or the amount of the contribution in any taxable year for a married couple filing a joint return.

BOTH! Canopy has TWO qualified entities:

  • CARES Center, Inc. (DBA CANOPY Children’s Solutions) is designated as a QCO.
  • Mississippi Children’s Home Society (DBA CANOPY Children’s Solutions) is designated as a QFCCO.

Taxpayers can choose to donate to one or BOTH of Canopy’s entities, not to exceed the individual tax credit limit of $1,800 for married filed jointly or $900 for single/head of household.

  • The taxpayer must apply for the tax credit. Complete the MSDOR Children’s Promise Act Tax Credit Application on the forms prescribed by the Mississippi Department of Revenue.
  • In the application, the taxpayer must certify to the department the dollar amount of the contribution made or to be made during the calendar year.
  • Within thirty (30) days after receipt of the application, the Mississippi Department of Revenue shall allocate tax credits based on the dollar amount of the contribution as certified in the application.
  • Once the Mississippi Department of Revenue has allocated credits to a taxpayer, the taxpayer must make the contribution and send the verification of the contribution to the Mississippi Department of Revenue. Verification sent by the taxpayer to Mississippi Department of Revenue must be received within sixty (60) days from the date of the allocation notification.
  • If the contribution is not made within sixty (60) days or by December 31, the tax credit allocation will be cancelled by the Mississippi Department of Revenue for reallocation.

No.

Taxpayers filing as “single” and “head of household” status may claim a maximum credit of $900. Taxpayers that file as “married filing joint” may claim a maximum credit of $1,800.

You may only claim a tax credit for your charitable contribution on your Mississippi state return if the organization you donated to is considered a Qualified Charitable Organization (QCO) and/or Qualified Foster Care Charitable Organization (QFCCO).

You cannot claim both a deduction and a credit for the same charitable contribution on your Mississippi return.

The Children’s Promise Act tax credit is only a dollar-for-dollar reduction on your Mississippi state taxes. Consult with your tax professional for questions about deductions on your Federal Return.

  • The Mississippi Department of Revenue will allocate credits within a calendar year.
  • Effective January 1, 2021, the tax credits provided by the Children’s Promise Act are limited to $1,000,000 per calendar year.
  • The Children’s Promise Act allows for allocations each calendar year beginning January 1, 2019 and ending December 31, 2024.

Taxpayers may choose to donate to one or BOTH of Canopy’s Qualified Charitable Organizations not to exceed the individual tax credit limit.

Charitable Tax Credit dollars may be carried forward for up to five years, reducing future tax liability.