Individuals or corporations who make a contribution to support the local matching fund of an approved early learning collaborative may be eligible to receive a 1:1 state tax credit for the donated amount up to $1,000,000.
The Mississippi Department of Revenue can approve 1:1 tax credits up to the amount the Legislature appropriates to the Early Learning Collaborative Act each year. For 2016, the Legislature appropriated $4,000,000; therefore, the sum of the donations eligible for the tax credit may not exceed $4,000,000. If a taxpayer attempts to claim the tax credit after the cap has been reached, the taxpayer will not be eligible to receive the tax credit.
The Department of Revenue will award the tax credit on a first-come, first-served basis in the order in which a tax return is filed, not in the order in which a donation is made. Therefore, regardless of when a contribution is made in a previous year, receiving the tax credit is based on the date of the filing.
More Tax Credit Resources:
- Donors Contributed Nearly $1.6 million to Early Learning Collaboratives in 2016
- Accountant Pre-K Tax Credit Web Brochure (Updated 10/4/2017)
- Pre-K Tax Incentive One Pager (Updated 10/4/2017)
- Pre-K Tax Credit FAQ (Updated 10/4/2017)
- Pre-K Collaborative Map and Contact List (Updated 10/4/2017)
Approved State-Funded Pre-K Collaboratives in Mississippi
- Clarke County Early Learning Partnership, Clarke County
- Coahoma County Pre-K Collaborative, Clarksdale
- Corinth-Alcorn-Prentiss Early Learning Collaborative, Corinth
- Lamar County Early Learning Collaborative, Lamar County
- McComb Community Collaborative for Early Learning Success, McComb
- Monroe Early Learning Collaborative, Monroe County
- Petal Early Learning Collaborative, Petal
- Picayune School District Early Head Start, Picayune
- Sunflower County Early Learning Collaborative, Sunflower County
- Tallahatchie Early Learning Alliance, Tallahatchie County
- Canton, Mississippi Early Learning Collaborative, Canton*
- Starkville Oktibbeha Early Learning Collaborative, Oktibbeha County*
- Greenwood-Leflore County Early Learning Collaborative, Leflore County*
- Grenada Early Learning Collaborative, Grenada*
*On Nov. 10, 2016, the Mississippi State Board of Education voted to add four new early learning collaboratives (ELC) to the current list of 10 to provide high-quality early childhood education programs to 4-year-old students. Their contracts will start January 2017.
For more information about the tax credit, contact Angela Bass. If you are interested in donating to an approved state-funded pre-K collaborative, we encourage you to reach out directly to the collaboratives listed above.