Bill Text | History of Actions | Background | Title |
Description: Income and franchise tax; provide a credit for contributions to nonprofit educational assistance organizations.
Bill Text: [Introduced]
| 1 | 03/12 (S) Referred To Appropriations | |
| 2 | 03/31 (S) Died In Committee |
| Effective date | January 1, 2004 | |
| Disposition | Dead | |
| Deadline | Revenue | |
| Revenue | Yes | |
| Vote type required | Three/Fifths |
Senate Committee:
Principal Author: Robertson
Title: AN ACT TO PROVIDE AN INCOME OR FRANCHISE TAX CREDIT TO ANY PERSON WHO MAKES CONTRIBUTIONS TO A NONPROFIT EDUCATIONAL ASSISTANCE ORGANIZATION THAT PROVIDES SCHOLARSHIPS FOR LOW-INCOME STUDENTS TO ATTEND QUALIFIED SCHOOLS IN AN AMOUNT EQUAL TO 70% OF THE AMOUNT THE TAXPAYER CONTRIBUTED DURING THE TAXABLE YEAR FOR WHICH THE CREDIT IS BEING CLAIMED; TO PROVIDE THAT THE AMOUNT OF THE TAX CREDIT MAY NOT EXCEED THE TAXPAYER'S STATE TAX LIABILITY FOR THE TAXABLE YEAR IN WHICH THE CREDIT IS CLAIMED; TO PROVIDE THAT ANY UNUSED CREDIT MAY BE CARRIED FORWARD TO ANY OF THE FOUR SUBSEQUENT TAXABLE YEARS; TO PROVIDE THE MINIMUM AMOUNT THAT MAY BE CONTRIBUTED IN ORDER TO RECEIVE THE CREDIT; TO PROVIDE THAT THE CUMULATIVE AMOUNT OF THE TAX CREDIT THAT MAY BE ALLOCATED TO ALL TAXPAYERS IN ANY ONE FISCAL YEAR MAY NOT EXCEED $10,000,000.00; TO REQUIRE THE CHAIRMAN OF THE STATE TAX COMMISSION TO DETERMINE ANNUALLY WHICH ORGANIZATIONS MAY BE CLASSIFIED AS NONPROFIT EDUCATIONAL ASSISTANCE ORGANIZATIONS; TO PROVIDE THE CRITERIA FOR QUALIFICATION AS A NONPROFIT EDUCATIONAL ASSISTANCE ORGANIZATION; TO PROVIDE WHAT SCHOLARSHIP MONEY GRANTED BY NONPROFIT EDUCATIONAL ASSISTANCE ORGANIZATIONS MAY BE UTILIZED TO COVER; TO LIMIT THE AMOUNT OF SUCH SCHOLARSHIPS; TO AUTHORIZE A CERTAIN AMOUNT OF THE QUALIFYING CONTRIBUTIONS TO BE UTILIZED TO ASSIST LOW INCOME STUDENTS WHO ATTEND PUBLIC SCHOOLS TO DEFRAY CERTAIN COSTS; TO AUTHORIZE THE CHAIRMAN OF THE STATE TAX COMMISSION TO ENTER INTO CONTRACTS WITH DESIGNATED NONPROFIT ORGANIZATIONS FOR THE PURPOSE OF ADMINISTERING THE CREDIT; AND FOR RELATED PURPOSES.
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2004/html/History/SB/SB3092.htm