SB 388
Creates an income tax credit for donations made to qualifying residential treatment agencies
LR Number:
Last Action:
3/31/2005 - Hearing Conducted S Ways & Means Committee
Journal Page:
Calendar Position:
Effective Date:
August 28, 2005

Current Bill Summary

SB 388 - This act creates a tax credit for monetary donations to a qualifying residential treatment agency. Only qualifying residential treatment agencies may submit an application for the tax credit on behalf of individuals making monetary donations to the agency. Agencies may apply for tax credits in an aggregate amount that does not exceed forty percent of payments made by the department to the agency in the preceding twelve months. An applicant who makes a monetary donation to a qualifying residential treatment agency may receive a tax credit equal to fifty percent of the amount of the donation. The tax credit may be carried back for the three years prior to issuance or forward until the full amount of the credit is used.