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2013 SESSION

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HB 1996 Nonprofit organizations; tax credits for donations to those assisting low-income families, etc.

Introduced by: James P. "Jimmie" Massie, III | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Tax credits for donations to nonprofits providing assistance to low-income families. Makes several changes to the Neighborhood Assistance Act Tax Credit and Education Improvement Scholarships Tax Credits programs including (i) allowing tax credits for donations of marketable securities under the Education Improvement Scholarships Tax Credits program; (ii) changing reporting requirements to the Department of Education, changing the time frame for scholarship foundations to disburse moneys for scholarships, and changing the civil penalties for failing to make such reports and disbursements under the Education Improvement Scholarships Tax Credits program; (iii) for both programs, establishing $125,000 as the maximum annual amount of donations by an individual for which tax credits may be issued; and (iv) for both programs, extending the expiration date through the 2027 taxable year. The bill also makes several other technical changes.

SUMMARY AS PASSED HOUSE:

Tax credits for donations to nonprofits providing assistance to low-income families. Makes several changes to the Neighborhood Assistance Act Tax Credit and Education Improvement Scholarships Tax Credits program including (i) allowing tax credits for donations of marketable securities under the Education Improvement Scholarships Tax Credits program, (ii) changing reporting requirements to the Department of Education, changing the time frame for scholarship foundations to disburse moneys for scholarships, and changing the civil penalties for failing to make such reports and disbursements under the Education Improvement Scholarships Tax Credits program,(iii) for both programs, establishing $125,000 as the maximum annual amount of donations by an individual for which tax credits may be issued, and (iv) for both programs, extending the expiration date through the 2027 taxable year. The bill also makes several other technical changes.

SUMMARY AS INTRODUCED:

Tax credits for donations to nonprofits providing assistance to low-income families. Makes several changes to the Neighborhood Assistance Act Tax Credit and Education Improvement Scholarships Tax Credits program including (i) allowing tax credits for donations of marketable securities under the Education Improvement Scholarships Tax Credits program, (ii) changing reporting requirements to the Department of Education, changing the time frame for scholarship foundations to disburse moneys for scholarships, and changing the penalties for failing to make such reports and disbursements under the Education Improvement Scholarships Tax Credits program,(iii) for both programs, establishing $125,000 as the maximum annual amount of donations by an individual for which tax credits may be issued, and (iv) for both programs, extending the expiration date through the 2027 taxable year. The bill also makes several other technical changes.