S.B. No. 211 Summary

• Authorizes a nonrefundable income tax credit for taxpayers who make donations to permanent endowment funds of accredited community foundations, effective for tax years beginning January 1, 2014.

• Credit equals the lesser of 20% of the donation amount or $10,000 for individual returns/$20,000 for joint returns, with a statewide annual limit of $20 million.

• Requires taxpayers to obtain prior authorization from the Department of Taxation before making donations, with donations required within 60 days of approval; allows unused credits to carry forward up to 5 years.

• Defines eligible donations as irrevocable gifts of cash or publicly traded securities to permanent endowment funds held in perpetuity with annual spending rates of 5% or less.

• Authorizes the Department of Taxation to charge reasonable fees for processing applications and adopt implementing rules; adds this credit to the statutory order for claiming multiple tax credits.