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2011 SESSION

• | print version

SB 1194 Income tax, corporate; tax credits for donations to nonprofit organizations providing scholarships.

Introduced by: Mark D. Obenshain | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Income tax; corporate tax credits for donations to nonprofit organizations providing educational scholarships. Establishes a tax credit beginning in taxable year 2012 for corporations donating cash to nonprofit organizations providing scholarships to students in order for them to attend nonpublic elementary or secondary schools. Nonprofit organizations to which donations are made would be required to contribute at least 90 percent of their annual receipts for such scholarships. The tax credit would equal 90 percent of the donation made by the corporation.

The Department of Taxation would be responsible for issuing the tax credits. The Department would be allowed to issue up to $25 million in tax credits in each fiscal year of the Commonwealth.

FULL TEXT

• 01/12/11  Senate: Prefiled and ordered printed; offered 01/12/11 11100824D  pdf | impact statement

HISTORY

• 01/12/11  Senate: Prefiled and ordered printed; offered 01/12/11 11100824D
• 01/12/11  Senate: Referred to Committee on Finance
• 02/08/11  Senate: Left in Finance