Win-Win With Sunnybrook: Donate Today, Reduce Your Tax Bill
Every day across Mississippi, the Sunnybrook team provides programs and facilities to help loving families nurture foster children within a stable, Christian environment.
The impact of services like ours has been measured in the most important ways, as the number of kids in the state’s foster system has dropped more than 25% since 2017.
Nationally, the number of infants, children and youth in the foster care system has been on the rise for years, while Mississippi provides a model for everyone to play their part.
It starts with building stronger communities, rooted in faith and surrounding our children with a loving team. We’re proud of the fact that 50% of Mississippi’s foster children are safely and happily reunited with their biological families.
Our success is also thanks to the thousands of foster families who provide kids with a safety net and structure for stability. We’re thrilled that 20% of foster kids end up getting adopted by their host families, giving them a lifelong foundation for success.
For all of these children plus the 30% who end up aging out of the foster care system, Sunnybrook is there. Looking ahead to 2022, we have more work to do and we need your financial support!
COVID-19’s health and social impacts are still rippling, causing economic uncertainty and inflation that magnify the stress on families and kids like never before. These are the moments when vulnerable children end up in foster care, and also when fewer host families can commit to providing care.
If left unserved, foster youth enter a cycle of dependence, contributing to the overwhelming population of Mississippi’s homeless, jobless and incarcerated individuals.
That’s where, with your help, Sunnybrook shines. And we can help each other.
Thanks to Mississippi’s Children’s Promise Act, individuals and businesses can make donations to Sunnybrook, an Elligible Charitable Organization, and receive dollar-for-dollar deductions on this year’s tax bill.
“No one person or entity has all the answers when it comes to foster care,” Dr. Jameson Taylor, vice president for policy with the Mississippi Center for Public Policy, explained to WLBT. “This tax credit will crowdsource the solutions by inviting new donors to support the development of much-needed services to children and families in crisis.”
Give a gift of impact to Sunnybrook this holiday season and thank yourself during tax season!
A 2021 dollar-for-dollar tax credit is available for voluntary cash contributions to Sunnybrook that meet the following criteria:
The individual contribution limit is $500 and $1,000 for joint filing households;
If the approved tax credit allocation amount is greater than the limits, there is a five year carry forward of the approved tax credit allocation amount, granting the ability to use an unused portion of the approved tax credit in successive tax years where you have a Mississippi tax liability.
Corporations that have Mississippi corporate income, insurance premium or insurance retaliatory tax liability, may apply a tax credit against the taxes owed to the Mississippi Department of Revenue.
This tax credit is capped for corporations and insurance companies at an aggregate of $16 million this year, on a first come, first serve basis, with these eligibility requirements:
The amount of the credit is limited to 50% of the taxpayer’s total income tax liability, 50% of the taxpayer’s total insurance premium tax liability and, in the case of taxpayers not operating as a corporation, 50% of the total real property ad valorem tax liability;
If the approved tax credit allocation amount is greater than half of the tax liability owed in the calendar year, there is a five year carry forward of the approved tax credit allocation amount, granting the ability to use an unused portion of the approved tax credit in successive tax years where you have a Mississippi tax liability.
How You Can Apply
To be considered eligible, you must apply for the tax credit with the Mississippi Department of Revenue. The Department assesses and approves the applications and gives the approved corporation an allocation of the $16 million available, on a first come, first serve basis.
Please Fill Out This Application with the Mississippi Department of Revenue
Upon receiving an approved tax credit allocation, your business reduces its tax paid during the tax year. The amount of tax credit allocation approved for the business organization is then paid to the ECO that was designated in the tax credit application.
We all know that it’s better to give than receive, but this holiday season, there’s an excellent opportunity to do both! Please let us know if we can help answer any questions with the application or donation process. Have a blessed and bountiful holiday season!