HB 2502 Summary

• Allows a corporate income tax credit for donations of "soft capital" (surplus items like computers, furniture, and fixtures) to public schools for taxable years 2013 and 2014.

• Credit amount equals the fair market value of the donation, with a maximum of $10,000 per taxpayer per taxable year, subject to a combined statewide cap of $5 million annually.

• Requires taxpayers to notify schools and obtain preapproval from the Department of Revenue before making donations; schools must request preapproval and donors have 10 days to complete the donation after approval.

• Excess credits not used in the current year may be carried forward for up to five consecutive taxable years.

• Excludes items manufactured by the donating corporation and prevents taxpayers from claiming both the tax credit and a federal charitable deduction for the same donation.