Loading chat...

IN HB1392

Bill

Official Source

Status

Introduced

1/14/2015

Primary Sponsor

Edward Clere

Click for details

Origin

House of Representatives

2015 Regular Session

AI Summary

  • Creates an income tax credit equal to 50% of charitable contributions made to state library-approved literacy programs for taxable years beginning after December 31, 2015
  • Eligible literacy programs must provide instruction to adults with basic reading and writing skill gaps and be administered by nonprofit organizations exempt under Internal Revenue Code Section 501(c)(3) or 501(c)(4), or by religious organizations
  • Limits tax credit to $100 for single individual returns and $200 for joint returns
  • Limits corporate tax credit to the lesser of 10% of the corporation's adjusted gross income tax liability or $1,000
  • Credit may not exceed the taxpayer's adjusted gross income tax liability after accounting for all other allowable credits
  • Effective July 1, 2015

Legislative Description

Tax credit for literacy programs. Provides an income tax credit for charitable contributions to certain literacy programs. Provides that the credit is equal to 50% of the charitable contribution, but may not exceed: (1) $100 for a single individual return; (2) $200 for a joint return; or (3) the lesser of 10% of a corporation's adjusted gross income tax liability or $1,000 for a corporate return.

Last Action

First Reading: referred to Committee on Ways and Means

1/14/2015

Committee Referrals

Ways and Means1/14/2015

Full Bill Text

No bill text available