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2013 SESSION

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SB 1227 Nonprofit organizations; tax credits for donations to those assisting low-income families, etc.

Introduced by: William M. Stanley, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

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, so long as such securities are sold by the recipient scholarship foundation within 14 days of receipt of the donation; (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; and (iii) for the Neighborhood Assistance Act Tax Credit program, establishing $125,000 as the maximum annual amount of donations by an individual for which tax credits may be issued. The bill also makes several other technical changes.


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