|SB 0656||Creates state income tax credit for donations to scholarship charitable organizations|
|LR Number:||2772S.02I||Fiscal Note:||2772-02|
|Committee:||Ways and Means|
|Last Action:||01/18/00 - Hearing Conducted S Ways & Means Committee||Journal page:|
|Effective Date:||August 28, 2000|
SB 656 - This act authorizes a state income tax credit for donations to scholarship charities, as determined by this act. A scholarship charity is a tax-exempt charitable organization which allocates at least 90% of its annual revenue for scholarships to children to allow them to attend a public or non-discriminatory private elementary or secondary school. The credit is not refundable, but may be carried forward and applied to future tax liabilities for up to four years.
The total annual amount of credits is limited to $20 million. The Director of the Department of Economic Development shall determine which organizations qualify as scholarship charities. Credits shall be allocated equally at the beginning of each year to all scholarship charities and those not used by a date determined under rules of the Director may be reallocated by the Director to ensure the maximum amount of credits are used each year.
This act is similar to SB 497 from 1999.