House Bill 414 Summary

• Allows taxpayers to claim an income tax credit equal to 50% of charitable contributions made to qualifying organizations including higher education institutions, K-12 schools, libraries, museums, and specified state councils and commissions located in Idaho.

• Limits non-corporate taxpayers to a credit not exceeding 50% of their total income tax liability or $500 annually, whichever is less.

• Limits corporate taxpayers to a credit not exceeding 10% of their total income or franchise tax liability or $5,000 annually, whichever is less.

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

• Makes Section 2 of the amendment effective January 1, 2020, while Section 1 becomes effective immediately upon enactment.