HB 280 -- Income Tax Credit for Gifts to the Poor

Sponsor:  Thompson (72)

This bill authorizes a state income tax credit for taxpayers who
make gifts of personal property to persons whose income is below
the federal poverty level.

The tax credit for each gift by a taxpayer is limited to $10,000
per occurrence and is limited to a maximum of $50,000 per tax
year.  The credit is not refundable but excesses may be carried
over to the next 4 succeeding tax years.

The Department of Social Services will provide a method for
identifying persons whose incomes are below federal poverty
level and verifying the credit amount.

This bill will become effective January 1, 2000.