CT SB00214

Allows taxpayers a tax credit equal to twice the fair market value of motor vehicles donated to nonprofit organizations serving veterans, effective July 1, 2014 for tax years beginning January 1, 2014 and later.

Vehicle value is determined using Kelley Blue Book fair market value assessments for calculating the credit amount.

Credit can be claimed in the year earned and the two immediately succeeding years; any unused credit expires and is not refundable.

Shareholders or partners of S corporations and partnerships may claim the credit on behalf of those entities; owners of single-member limited liability companies disregarded as separate entities may also claim the credit.

Applies to taxes imposed under chapters 207, 208, 212, and 229 of the general statutes, excluding liability under section 12-707.