SB 362 Creates an income tax credit for donations made to residential treatment agencies
Sponsor: Stouffer
LR Number: 1572L.10C Fiscal Note: 1572-10
Committee: Ways & Means
Last Action: 5/13/2005 - H Calendar S Bills for Third Reading w/HCS#2 Journal Page:
Title: HCS#2 SS SB 362 Calendar Position:
Effective Date: August 28, 2005
House Handler: Sutherland

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Current Bill Summary

HCS#2/SS/SB 362 - This act authorizes an income tax credit in an amount equal to fifty percent of a donation made to a qualifying residential care facility, foster home, or child placing agency effective January 1, 2006. The cumulative amount of tax credits that may be issued by the Department of Social Services cannot exceed five million dollars in any one fiscal year. The tax credit is fully transferable and may be carried back three years or forward up to four years.