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1997 SESSION

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SB 920 Neighborhood Assistance Act.

Introduced by: Walter A. Stosch | all patrons    ...    notes | add to my profiles

SUMMARY:

Neighborhood Assistance Act. Reduces the tax credit from 50 percent to 45 percent of the value of donations made by business firms to neighborhood organizations for approved programs. The minimum amount of tax credit that may be taken is increased from $50 to $400. Neighborhood organizations receiving allocations of tax credits from the Department of Social Services must have as their primary function the provision of community services, education, housing assistance, or job training to impoverished people. Neighborhood organizations are prohibited from pooling their credits or using their allocated credits for purposes other than as provided in the organization's program application. The $2.75 million increase in tax credits available under the Act, scheduled to take effect beginning July 1, 1998, is allocated for education programs to the extent eligible programs are approved. At least ten percent of the tax credit amounts will be allocated each year to qualified programs of neighborhood organizations which did not receive an allocation in the preceding year. The existing requirement that planning district commissions review program proposals is deleted. Business firms may receive tax credits by making donations to neighborhood organizations conducting approved programs; business firms will no longer be authorized to obtain tax credit allocations directly. The prohibition on self-employed professionals obtaining tax credits for donated professional services is repealed. Professional services donated by partners and sole proprietors will be eligible for tax credits. The value of services donated by certain physicians and dentists, who will continue to be eligible for credits though they are not business firms, and professional services donated by partners and sole proprietors, is limited to the lesser of the reasonable cost for similar services from other providers or $125 per hour.


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