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SS/SB 362 - This act creates an income tax credit in an amount equal to fifty percent of a donation made, on or after January 1, 2006, to a qualifying residential treatment agency. The tax credit may not be applied against withholding taxes. An agency may apply for tax credits in an aggregate amount that does not exceed forty percent of the payments made by the department of social services to the agency in the preceding twelve months. The tax credit is fully transferable and may be carried back three years or forward up to four years. The definition of individual has been replaced with the definition of taxpayer. This act enables a taxpayer making less than $30,000 per year who modifies their home to be accessible to a disabled person who resides with the taxpayer to claim a credit against their income tax for one hundred percent of the costs of modification, up to $2,500. For taxpayers making between $30,000 and $60,000, a credit will be allowed in the amount equal to fifty percent of the costs of modification, up to $2,500. All tax credits will be refundable, up to $2,500 per year. The credits are not transferrable. The credit has a statewide maximum of $100,000 per year, subject to appropriation. If any portion of the modification was claimed as a deduction on the taxpayer's federal income tax, then the amount of the tax credit shall be reduced by 1/3. The credit applies to tax years beginning January 1, 2006, and expires December 31, 2011. The act further provides for an income tax credit equal to the amount of tax paid on the receipt of any annuity, pension, or retirement allowance provided as a result of service in the armed forces of the United States. JASON ZAMKUS
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