SB 246 - This act authorizes the a tax credit for contributions to qualifying regional economic development organizations. The credit will be equal to fifty of the contribution made. Tax credits are non-refundable, but may be carried forward five years or otherwise transferred. No more than twelve million dollars in tax credits may be issued annually and no more than thirty-six million dollars in credits may be issued over the life of the tax credit program. The provisions of this section will automatically sunset three years after the effective date of the act unless reauthorized by an act of the General Assembly.
This act is identical to House Bill 429 (2009).