SB 0483 Authorizes state income tax credit for cash contributions to school tuition organizations
LR Number:S2045.01I Fiscal Note:2045-01
Last Action:03/10/99 - Hearing Conducted S Education Committee Journal page:
Effective Date:August 28, 1999
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Current Bill Summary

SB 483 - This act authorizes, for taxable years beginning on or after January 1, 1999, a state income tax credit for cash contributions, not exceeding $500 per year, to a school tuition organization, defined as a charitable organization exempt from federal income tax that allocates at least 90% of its annual revenue for educational scholarships or tuition grants to children. The credit may be carried forward for up to five years. The credit is not allowed if the contribution is part of the taxpayer's itemized deductions on the state income tax return for that taxable year.