HB550 Summary

• Establishes a state income tax credit equal to 50 percent of contributions made to Alabama Community College System foundation for career-technical dual enrollment programs, effective for tax years beginning January 1, 2014.

• Requires minimum donation of $1,000 per taxpayer per year to claim credit, with annual caps of $1,000,000 per foundation and $5,000,000 aggregate across all foundations.

• Applies to individual taxpayers, married couples filing jointly, and business entities that are not dependents of other taxpayers.

• Authorizes local school boards to establish career academies supporting grades 11 and 12 students in career-technical dual enrollment programs.

• Requires Department of Revenue to develop procedures, standardized receipts, rules, and annual reporting on total tax credits claimed to legislative committees.