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2012 SESSION
SB 131 Income tax, corporate; tax credits for donations to non-profit organizations, etc.
Introduced by: William M. Stanley, Jr. | all patrons ... notes | add to my profiles
SUMMARY AS PASSED: (all summaries)
Tax credits; assistance to low-income families; scholarships for K through 12 students attending private schools. Establishes a credit beginning in taxable year 2013 for individuals, business entities, and corporations making monetary donations to nonprofit organizations providing education improvement scholarships to students whose family's annual household income is not in excess of 300 percent of the current poverty guidelines and certain students with disabilities, in order for them to attend nonpublic elementary or secondary schools. Nonprofit organizations to which donations are made would be required to distribute at least 90 percent of such donations in the form of scholarships to such students. The credit would equal 65 percent of the donation made and any unused credit for the taxable year could be carried forward for five years. There is an annual cap of $25 million in tax credits for the scholarship program. The Department of Education would administer the tax credit program.
The bill also expands the current Neighborhood Assistance Act Tax Credit program by increasing the tax credit percentage from 40 to 65 percent; raising the cap on education proposals from $4.9 million to $8 million, which has the effect of raising the total cap on the program from $11.9 million to $15 million; expanding the eligibility criteria for programs qualifying for tax credits to encompass programs providing services to certain students with disabilities and individuals whose family's annual household income is not in excess of 300 percent of the poverty guidelines; allowing unused credits at the end of the year to be distributed to neighborhood organizations that had previously met the $500,000 cap on tax credits; and extending the sunset for the program to July 1, 2017. This bill incorporates SB 241.
FULL TEXT
- 01/10/12 Senate: Prefiled and ordered printed; offered 01/11/12 12102635D pdf | impact statement
- 02/14/12 Senate: Committee substitute printed 12105426D-S1 pdf | impact statement
- 03/05/12 Senate: Bill text as passed Senate and House (SB131ER) pdf | impact statement
- 04/09/12 Governor: Acts of Assembly Chapter text (CHAP0731) pdf
HISTORY
- 01/10/12 Senate: Prefiled and ordered printed; offered 01/11/12 12102635D
- 01/10/12 Senate: Referred to Committee on Finance
- 02/14/12 Senate: Reported from Finance with substitute (8-Y 7-N)
- 02/14/12 Senate: Committee substitute printed 12105426D-S1
- 02/14/12 Senate: Incorporates SB241
- 02/15/12 Senate: Read first time
- 02/16/12 Senate: Read second time
- 02/16/12 Senate: Reading of substitute waived
- 02/16/12 Senate: Committee substitute agreed to 12105426D-S1
- 02/16/12 Senate: Engrossed by Senate - committee substitute SB131S1
- 02/17/12 Senate: Read third time and passed Senate (20-Y 20-N)
- 02/17/12 Senate: Chair votes Yes
- 02/20/12 House: Placed on Calendar
- 02/20/12 House: Read first time
- 02/20/12 House: Referred to Committee on Finance
- 02/20/12 House: Assigned Finance sub: #3
- 02/27/12 House: Reported from Finance (13-Y 8-N)
- 02/28/12 House: Read second time
- 02/29/12 House: Read third time
- 02/29/12 House: Passed House (57-Y 40-N)
- 02/29/12 House: VOTE: PASSAGE (57-Y 40-N)
- 03/05/12 Senate: Enrolled
- 03/05/12 Senate: Bill text as passed Senate and House (SB131ER)
- 03/05/12 House: Signed by Speaker
- 03/07/12 Senate: Signed by President
- 04/09/12 Governor: Approved by Governor-Chapter 731 (effective 7/1/12)
- 04/09/12 Governor: Acts of Assembly Chapter text (CHAP0731)