Children's Promise Act

Strengthen St. Andrew’s Education While Receiving a Tax Credit

In 2019, the Mississippi Legislature passed “The Children’s Promise Act” which provides a dollar-for-dollar TAX CREDIT to businesses that give to a qualified Education Services Charitable Organization (ESCO). St. Andrew’s Episcopal School is an approved ESCO, and through this Act, you can make a contribution to St. Andrew’s and receive a business tax credit!

List of 2 items.

When is the due date?

For 2024, the Mississippi Department of Revenue (DOR) has created a new online application as the Department will no longer accept paper applications. The DOR will begin accepting applications on Tuesday, January 2, 2024 at 8:00 am (CST).
What’s the process?
Once you click on the online application link above, there will be an “Apply for a Charitable Contribution Credit” link in the “Apply Online” section (see example below). Simply complete the online form by selecting “ESCO” as the “Type of Charitable Contribution Credit”, entering the requested company-specific information, and selecting “St. Andrew’s Episcopal School” from the dropdown menu as the “(Primary) Name of the Organization to Receive the Contribution”. Complete the application by entering the contribution amount and expected date of contribution, review your information, and submit - it’s that simple!

Apply Online:
Register as a new taxpayer in Mississippi or add access to an existing account.
- Apply for Tax Accounts, Liquor Permits, Amusement Decals
- Apply for Medical Cannabis Licenses via the State Portal
- Apply for Farmer's Permit
- Apply for a Charitable Contribution Credit

Please consider listing St. Andrew’s Episcopal School as either your first or second option for the company selection. Keep in mind that there is a statewide cap of $9,000,000 for this program, and the maximum amount any ESCO can receive is $405,000. The program allocations are on a first-come, first-served basis, so all funding will likely be exhausted very early on January 2. Once the statewide cap is reached, no additional applications will be approved. Please review the sections below to learn more about taking advantage of these programs.

*Information provided in this email is not tax advice. Please consult a tax professional regarding your specific tax situation.

Information for Businesses

Total Maximum Program Allocation for 2024: $9,000,000
Limits on Total 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: Contributions cannot be used for other state charitable credits and cannot be used as a deduction for state income tax purposes.
Applications for the tax credit must be made on official Mississippi Department of Revenue forms.

If you are considering a new gift under this program to St. Andrew’s and you’d like to discuss this further, please contact Valerie Linn, Director of Development, at linnva@gosaints.org or Jasmine Johnson, Controller, at johnsonja@gosaints.org and/or your tax professional.