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IN SB0364
Bill
Status
1/4/2018
Primary Sponsor
Eddie Melton
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AI Summary
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Provides a 50% income tax credit to taxpayers who donate to public school foundations established by school corporations
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Credit may be carried forward up to 9 taxable years if it exceeds the taxpayer's state tax liability in the year claimed, but no carryback or refund is allowed
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Public school foundations must certify that donations are used only for education or operations funds and limit administrative costs to no more than 10% of total contributions
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Total credits awarded are capped at $9.5 million for fiscal year 2018-2019, $12.5 million for 2019-2020, and $14 million for each year thereafter
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Department must publish the standardized credit claim form, timeline for receiving credits, and total credits awarded during the current fiscal year on its website
Legislative Description
Income tax credit for K-12 education donations. Provides a 50% income tax credit to donors who donate to a public school foundation. Sets forth standards that apply to taking the credit and to public school foundations that receive contributions. Limits the total credits that may be claimed during a state fiscal year using a three year phase in period.
Last Action
Senator Ruckelshaus added as coauthor
1/10/2018