SB 155 - Koenig, Andrew
Modifies provisions relating to tax credits for contributions to certain benevolent organizations
Bill Details
Sponsor
Koenig, Andrew
LR Number
0930S.02I
Title
SB 155
House Handler
N/A
Journal Page
N/A
Effective Date
August 28, 2021
Committee
Current Status
Voted Do Pass S Economic Development Committee
Quick Links
Amendments
No amendments available
CURRENT BILL SUMMARY
SB 155 - This act modifies provisions relating to tax credits for contributions to certain benevolent organizations.
DOMESTIC VIOLENCE SHELTER TAX CREDIT
Current law authorizes a tax credit for contributions to domestic violence shelters in an amount equal to fifty percent of the contribution, with the maximum annual amount of tax credits limited to $2 million. This act increases the tax credit from fifty percent of the amount contributed to seventy percent beginning July 1, 2022, and removes the limit on the cumulative amount of tax credits claimed by all taxpayers in a fiscal year beginning July 1, 2022.
This act also adds a definition of "rape crisis center" to allow taxpayers to receive tax credits for contributions to such facilities. (Section 135.550)
This provision is identical to a provision contained in HB 1109 (2021), HB 1129 (2021), and SS/SCS/SB 648 (2020), and is substantially similar to SB 958 (2020) and to a provision contained in SS/SCS/HCS/HB 430 (2021) and SS#2/SB 704 (2020).
MATERNITY HOME TAX CREDIT
Current law authorizes a tax credit for contributions to maternity homes in an amount equal to fifty percent of the contribution, with the maximum annual amount of tax credits limited to $3.5 million. This act increases the tax credit from fifty percent of the amount contributed to seventy percent beginning July 1, 2022, removes the limit on the cumulative amount of tax credits claimed by all taxpayers in a fiscal year beginning July 1, 2022, and removes the sunset provision. (Section 135.600)
This provision is identical to a provision contained in SS/SCS/HCS/HB 430 (2021), HB 1109 (2021), and HB 1129 (2021).
JOSH NORBERG