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IN SB0345
Bill
Status
1/7/2016
Primary Sponsor
Karen Tallian
Click for details
AI Summary
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Eliminates the income tax credit for contributions to scholarship granting organizations for taxable years beginning after December 31, 2016, effective July 1, 2016
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Replaces the credit with an income tax deduction equal to 50% of contributions made to scholarship granting organizations for taxable years beginning after December 31, 2016, effective January 1, 2017
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Allows taxpayers to carry forward unused tax credits from contributions made before January 1, 2017
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Defines "scholarship granting organization" as a 501(c)(3) exempt organization that operates school scholarship programs without limiting scholarships to students of a single school
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Reduces the total scholarship tax credit cap to $0 for state fiscal years beginning after June 30, 2017, while preserving carryforward rights for existing credits
Legislative Description
Scholarship granting organization tax credit. Eliminates the income tax credit for contributions made to a scholarship granting organization beginning after December 31, 2016. (Does not preclude a taxpayer from carrying forward any unused tax credit attributable to a contribution made before the elimination of the credit.) Provides instead an income tax deduction for contributions to a scholarship granting organization beginning after December 31, 2016.
Last Action
First reading: referred to Committee on Tax & Fiscal Policy
1/7/2016