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CT HB06377
Bill
Status
1/22/2015
Primary Sponsor
Veterans' Affairs Committee
Click for details
AI Summary
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Allows individual income taxpayers a deduction equal to twice the fair market value of any motor vehicle donated in the taxable year to a nonprofit organization serving veterans, effective for taxable years commencing on or after January 1, 2015.
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Allows corporate taxpayers the same deduction equal to twice the fair market value of any motor vehicle donated in the taxable year to a nonprofit organization serving veterans, effective for taxable years commencing on or after January 1, 2016.
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Fair market value of donated vehicles is to be determined by the Commissioner of Motor Vehicles.
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The individual taxpayer deduction is added to Section 12-701(a)(20)(B) of the general statutes, while the corporate deduction is added to Section 12-217(a)(1).
Legislative Description
An Act Concerning Tax Deductions For Donations Of Motor Vehicles To Nonprofit Veterans Organizations.
Last Action
Referred by House to Committee on Finance, Revenue and Bonding
3/31/2015