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ID H0665
Bill
AI Summary
House Bill 665 - Summary
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Allows Idaho taxpayers to claim a 50% income tax credit for charitable contributions to qualifying education-related nonprofits, including institutions of higher learning, elementary and secondary schools, and their supporting organizations located in Idaho.
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Adds a new category of eligible organizations: nonprofits that are organized exclusively for the benefit of elementary, secondary, or higher education institutions, officially designated as that institution's sole supporting organization, and exempt from federal taxation under IRC Section 501(c)(3).
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Limits credit for individual taxpayers to the lesser of 20% of total income tax liability or $100 per year.
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Limits credit for corporations to the lesser of 10% of total income or franchise tax liability or $1,000 per year.
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Applies retroactively to January 1, 2010, and declares an emergency to make the act effective upon passage and approval.
Legislative Description
Amends existing law to provide an income tax credit for fifty percent of the aggregate charitable contributions made by a taxpayer to a nonprofit corporation, fund, foundation, trust or association which is organized and operated exclusively for the benefit of elementary or secondary institutions located within the state of Idaho, officially recognized and designated as any such elementary or secondary education institution's sole designated supporting organization, and qualified to be exempt from federal taxation under the terms of Section 501(c)(3) of the Internal Revenue Code.
INCOME TAXATION
Last Action
Governor signed Session Law Chapter 274 Effective: 01/01/10
4/8/2010