SB 550
Creates a tax credit for donations to certain religious and charitable organizations
LR Number:
Last Action:
3/10/2005 - Hearing Conducted S Ways & Means Committee
Journal Page:
Calendar Position:
Effective Date:
August 28, 2005

Current Bill Summary

SB 550 - This act creates a tax credit equal to thirty percent of the total donations made in a tax year to certain religious or charitable organizations that a significant part of whose activities consist of providing temporary housing or medical services. The Department of Social Services will promulgate rules and regulations to determine the eligibility requirements for an organization to qualify and issue such credits. The Department of Social Services must annually compile and post on its website a list of the organizations that qualify to issue tax credits under this act.

The tax credit is fully transferrable, but it must be sold at or above seventy-five percent of actual value. A tax payer may carry forward a tax credit received under this section for five years. The total amount of tax credits issued or redeemed under this section will be limited to an aggregate amount of five million dollars.