Senate Bill 3064 - Children's Promise Act Summary

• Creates income tax credit for business enterprises making voluntary cash contributions to eligible charitable organizations serving children in foster care, at-risk children, or those needing job training/educational services, with credit limited to 50% of tax liability and capped at $15,000,000 annually statewide.

• Allows unused tax credits to be carried forward for five consecutive years, prohibits using contributions as state tax deductions, and requires organizations to certify they do not provide or fund abortions.

• Limits 50% of annual credits ($7,500,000) to job training and workforce development organizations, with all credits ceasing allocation after January 1, 2025.

• Amends Section 27-7-22.39 to increase the maximum charitable tax credit cap from $1,000,000 to $3,000,000 annually, extends the repeal date to January 1, 2021, and expands the definition of "services" to include educational services and funding.

• Amends Section 27-7-22.32 to extend the $5,000 adoption expense tax credit cap for children adopted through the Department of Child Protection Services and increases the carryforward period from three to five years, effective January 1, 2021.