SB 771 - This act creates an income tax credit for taxpayer contributions of cash, stock, bonds, or other marketable securities for the purpose of providing body or vehicle armor to members of the armed forces of the United States, as well as contributions of body armor for members of the armed forces, armor plating for military vehicles, or materials consumed in the process of manufacturing body armor or armor plating for military vehicles.
The tax credit is a dollar for dollar tax credit which is limited to one thousand dollars per taxpayer per year. The total amount of tax credits which may be claimed annually is capped at two million dollars. The tax credit is nontransferable and nonrefundable, but may be carried forward five years until fully claimed.
This act is identical to the introduced version of Senate Bill 583 (2007).