HB 233 Summary

• Extends multiple education tax credits for taxpayers in insurance, income, oil/gas, property, mining, and fisheries businesses by repealing previous expiration dates and setting new effective dates.

• Modifies credit calculation rates by changing the middle tier from 100 percent to 75 percent for contributions between $100,000 and $300,000 across all affected tax credit programs.

• Reduces combined credit limits from $5,000,000 to $1,000,000 per taxpayer (or affiliated group) when claiming multiple education credits in a single tax year.

• Adds requirement that equipment contributions must be appraised according to Department of Revenue regulations to qualify for credits.

• Establishes staggered effective dates: most provisions take effect January 1, 2019, with additional changes January 1, 2021, and insurance tax credit provisions extending to January 1, 2025.