SB 948 - This act allows a taxpayer to claim a tax credit for half of their contribution to an organization that provides funding for unmet health, hunger, and hygiene needs for children in school. The amount of the credit claimed cannot exceed the taxpayer's state tax liability and a taxpayer cannot claim more than $50,000 per year. Any tax credit not claimed can be carried over for the following 4 years. With the exception of any credit carried over, to claim a tax credit, the total value of contributions to qualified organizations during the taxable year must be over $100.
The director of the Department of Social Services shall determine which organizations are qualified and establish a procedure for taxpayers to determine which organizations are qualified. An organization can decline a contribution. To claim a tax credit under this section, a taxpayer must submit an application, a statement of the contribution including relevant information and payment equal to the value of the tax credit.
This act shall expire on December 31, 2022.
This act is similar to HB 428 (2015).