SB 699 - This act creates a tax credit for donations to an endowment fund of a community foundation. Community foundations are nonprofit entities with a primary mission of revitalizing the economy of a rural area. The tax credit is nonrefundable, nontransferable, and cannot be carried forward or back to any other tax year. The total amount of tax credits that may be issued in a calendar year is $500,000. No tax credits may be issued after August 28, 2021.
This act is identical to SB 551 (2015).