SCS/SB 1015 - For all fiscal years beginning on or after July 1, 2019, this act authorizes a tax credit in the amount of fifty percent of a contribution to a diaper bank, as defined in the act. The tax credit shall not be refundable or transferrable, but may be carried forward to the subsequent tax year. A tax credit shall not be issued for a contribution of less than $100. No tax credit shall be issued in excess of $50,000, and the total amount of tax credits issued under this act shall not exceed $500,000 in a given fiscal year. If the amount of tax credits authorized in a fiscal year is less than $500,000, the unauthorized amount shall be added to the amount that may be authorized in the next fiscal year.
The Department of Social Services shall establish a procedure by which the Department can ensure that the aggregate amount of tax credits authorized are equally apportioned among all entities classified as diaper banks. If a diaper bank fails to use all of its apportioned tax credits, the Department may reapportion such unused tax credits to diaper banks that have used all of their allotment, as described in the act.
The Department shall annually determine which facilities in the state may be classified as a diaper bank, and the Department shall establish a procedure by which a taxpayer can determine if an entity has been classified as a diaper bank.
This program shall sunset on December 31, 2024, unless reauthorized by the General Assembly. (Section 135.621)
These provisions are substantially similar to HB 2613 (2018) and HB 2440 (2018).
This act also modifies the definition of "domestic and social tax credits" for the purposes of the Tax Credit Accountability Act to include the diaper bank tax credit established under this act. (Section 135.800)