SB 557 Creates a tax credit for contributions to certain charitable organizations
Sponsor: Brown
LR Number: 5037S.01I Fiscal Notes
Committee: Economic Development
Last Action: 1/8/2018 - Second Read and Referred S Economic Development Committee Journal Page: S104
Title: Calendar Position:
Effective Date: August 28, 2018

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Current Bill Summary

SB 557 - For all tax years beginning on or after January 1, 2019, this act creates a tax credit in an amount equal to fifty percent of a taxpayer's contribution to Love INC. The tax credit shall not be excess of $5,000. The tax credit may be carried forward over the next 3 years until fully claimed, and is non-transferrable.

This act shall sunset after 6 years unless reauthorized by the General Assembly.

This act is identical to SB 179 (2017) and SB 1134 (2016).