SB 0074 Authorizes state tax credit for contributions to authorized scholarship charities
LR Number:0548S.01I Fiscal Note:0548-01
Committee:Ways and Means
Last Action:01/23/01 - Hearing Conducted S Ways and Means Committee Journal page:
Effective Date:August 28, 2001
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Current Bill Summary

SB 74 - This act authorizes a state tax credit for contributions to authorized scholarship charities. To qualify as a scholarship charity, the organization must be a 501(c)(3) charitable organization and must allocate at least ninety percent of its annual revenue for educational scholarships to children attending qualified schools of their choice.

The credit may be claimed, for all taxable years beginning on or after January 1, 2002, in an amount equal to 50% of the taxpayer's contribution to the scholarship charity, but cannot exceed fifty thousand dollars per taxable year for any taxpayer. The credit is not refundable but may be carried over for up to four succeeding taxable years. The cumulative amount of all scholarship charity tax credits is limited to five million dollars per fiscal year. The Director of Revenue is authorized to allocate the tax credits as necessary to ensure their maximum use.

This act is similar to SB 531 (2000).