Children's Promise Act; increase amount of tax credits that may be allocated under, bring forward various tax credit sections of law.

HB 1988, known as the Children's Promise Act, was introduced to increase the total amount of tax credits available to Mississippi taxpayers who donate to specific charitable organizations focused on child welfare. The bill would allow businesses and property owners to claim credits against their state income and property taxes for contributions made to groups that provide services to children in foster care, those at risk of entering foster care, or those with disabilities. A key provision in the bill was to let taxpayers who applied for credits in January 2024 receive priority if the total funding limit was reached, and it also allowed credits earned in one year to be used against taxes owed for the previous year. Although the bill included language to update various other tax credit sections, it ultimately did not become law after failing its conference report in May 2024.