SB 1086 Creates a tax credit for contributions to certain after school programs
Sponsor: Smith
LR Number: 3386S.02I Fiscal Note:
Committee: Education
Last Action: 2/6/2008 - Second Read and Referred S Education Committee Journal Page: S194
Title: Calendar Position:
Effective Date: August 28, 2008

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Current Bill Summary

SB 1086 – This act creates a tax credit against a taxpayer's state tax liability for contributions to an after school program operating in an unaccredited or provisionally accredited school district that satisfies certain conditions. A taxpayer could claim a tax credit for half the amount of his or her contribution. The tax credit would be available starting on January 1, 2009. The tax credit amount cannot exceed the taxpayer's state tax liability and shall not exceed $50,000 per tax year. If a taxpayer cannot claim the full amount of the tax credit in one year, the tax credit may be carried over to the next four taxable years until the full amount is claimed. In addition, no more than $2,000,000 in tax credits can be issued in a tax year. The cumulative amount of tax credits that may be redeemed by all taxpayers in one tax year cannot exceed $2,000,000. Tax credits will be redeemed in a first to file first served based.

This act is similar to a provision contained in SB 690 (2007).