SB 302 – 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, 2010. The tax credit amount cannot exceed the taxpayer's state tax liability and cannot 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 substantially similar to SB 1086 (2008) and is similar to a provision contained in SB 690 (2007).