ID H0045

Allows taxpayers an income tax credit equal to 50% of charitable contributions made to qualified Idaho educational institutions, public broadcast foundations, historical societies, disability councils, libraries, museums, and community foundation accounts.

Limits individual taxpayer credits to the lesser of 50% of total income tax liability or $500 per year.

Limits corporation credits to the lesser of 10% of total income or franchise tax liability or $5,000 per year.

Defines "contribution" as monetary donations reduced by the value of any benefits received in return such as food, entertainment, or merchandise.

Removes reference to State Board of Education from the accreditation requirement for institutions of higher learning, replacing it with Northwest Association of Schools and Colleges accreditation as the primary standard.