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ID H0072
Bill
Status
3/8/2013
Primary Sponsor
Revenue and Taxation Committee
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AI Summary
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Expands Idaho's charitable contribution tax credit to include dedicated accounts within the Idaho Community Foundation Inc. that exclusively support qualifying charitable purposes
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Allows taxpayers to claim a credit equal to 50% of charitable contributions made to qualifying organizations, including the newly added community foundation accounts
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For non-corporate taxpayers: credit limited to 50% of income tax liability or $500, whichever is less (Section 1) or 20% of income tax liability or $100, whichever is less (Section 2)
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For corporations: credit limited to 10% of income or franchise tax liability or $5,000 (Section 1) or $1,000 (Section 2), whichever is less
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Section 1 becomes effective retroactively to January 1, 2013; Section 2 becomes effective January 1, 2016
Legislative Description
Amends existing law to provide for tax credit to dedicated accounts within the Idaho Community Foundation Inc. that exclusively support charitable purposes otherwise qualifying for the tax credit.
INCOME TAX CREDITS
Last Action
Reported Signed by Governor on March 8, 2013 Session Law Chapter 40 Effective: 01/01/13 Section 1; 01/01/16 Section 2
3/8/2013