SB 0344 Authorizes state tax credit for contributions to qualified unplanned pregnancy resource centers in the state
LR Number:S1286.01I Fiscal Note:1286-01
Committee:Public Health and Welfare
Last Action:02/02/99 - Referred S Public Health & Welfare Committee Journal page:S170
Effective Date:January 1, 2000
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Current Bill Summary

SB 344 - This act authorizes a state tax credit for contributions to unplanned pregnancy resource centers. The credit may be claimed by business taxpayers against corporate income tax, franchise tax, financial institutions tax, and tax imposed on bridge, express and public utility companies, and by individual taxpayers against state income tax.

A taxpayer is allowed a credit equal to fifty percent of the amount of contributions to a unplanned pregnancy resource center, as determined by the Director of the Department of Social Services. The credit is not refundable and cannot exceed $50,000 per taxpayer per taxable year, but it may be carried forward for four taxable years. The cumulative amount of all tax credits allowed is limited to $2 million per fiscal year.

Centers are permitted to decline contributions. The Director of the Department of Social Services is authorized to reapportion the tax credits among the centers as necessary. Each center is required to provide the Director with information concerning the identity of each taxpayer making a contribution and the amount of the contribution. That information is then required to be provided to the Department of Revenue.

The bill has an effective date of January 1, 2000, and applies to all tax years beginning after December 31, 1999.