SB 517 Creates a tax credit for contributions to certain benevolent organizations
Sponsor: Wasson
LR Number: 2211S.02I Fiscal Notes
Committee: Economic Development
Last Action: 5/12/2017 - Informal Calendar S Bills for Perfection--SB 517-Wasson Journal Page:
Title: Calendar Position:
Effective Date: August 28, 2017

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Current Bill Summary


SB 517 - This act provides a tax credit for any taxpayer who makes a contribution to an eligible provider. Eligible providers shall be organizations that provide funding for the unmet health, hunger, and hygiene needs of children in school. The tax credit shall be in an amount of fifty percent of the value of the contribution.

An eligible provider may submit an application for the tax credit to the Department of Social Services on behalf of a taxpayer, as described in the act.

The tax credits issued under this act shall be transferable and nonrefundable, but may be carried forward to any of the taxpayer's four subsequent taxable years.

This act shall sunset six years after the effective date of this act unless reauthorized by the General Assembly.

This act is substantially similar to HB 98 (2017), SB 948 (2016), HCS/HB 1614 (2016), and HB 428 (2015), and to a provision contained in SCS/HCS/HBs 1589 & 2307 (2016) and HCS/HB 1605 (2016).

JOSHUA NORBERG