35 Miss. Admin. Code Pt. III, Subpt. 8, Ch. 04 — Charitable Contributions-Corporation

100 The deduction by a corporation in any taxable year for charitable contributions is limited to
twenty percent (20%) of its taxable income for the year, computed without regard to the
deduction for charitable contributions. Mississippi Law does not conform with Federal Law
relative to the percentage limitation on contributions by corporations, or with the definition
of a charitable contribution by a corporation. A deduction, subject to the limitation, is
allowed only with respect to contributions to corporations, organizations, associations or
institutions, including community chest funds, foundations and trusts created solely and
exclusively for religious, charitable, scientific or educational purposes, or for the
prevention of cruelty to children or animals, no part of the net earnings of which inure to
the benefit of any private stockholder or individual.
101 Deductions are allowed for qualifying charitable organizations located in any state.
102 Mississippi does not allow excess contributions to be carried over and deducted in
succeeding years.
103 (Reserved)
104 (Reserved)