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2001 SESSION
HB 2202 Neighborhood assistance programs; tax credits.
Introduced by: James F. Almand | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Neighborhood assistance programs; tax credits. Extends the sunset provision from 2002 to 2004. The bill also makes tax credits for donations by individuals pursuant to the Neighborhood Assistance Program subject to a cap of $1 million per fiscal year beginning with the 2001-2002 fiscal year. Beginning January 1, 2002, donations by individuals under the Neighborhood Assistance Program shall be eligible for a tax credit in an amount equal to 45 percent of such monetary donation. A minimum monetary donation of $900 is required for eligibility for a tax credit beginning January 1, 2002, and the maximum tax credit that may be issued in a taxable year is capped at $750. Under current law, there is no fiscal year cap for tax credits and the tax credit issued is an amount equal to 100 percent of the monetary donation with $50 required as a minimum donation and $100 allowed as a maximum donation.
SUMMARY AS PASSED HOUSE:
Neighborhood assistance programs; tax credits. Extends the sunset provision from 2002 to 2005.
SUMMARY AS INTRODUCED:
Neighborhood assistance programs; tax credits. Increases the cap on income tax credits allowed per fiscal year for neighborhood assistance programs from eight million dollars to $12 million, and removes the sunset provision.