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2014 SESSION

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SB 563 Neighborhood Assistance Act; increases amount of tax credits that may be issued under program.

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

SUMMARY AS PASSED: (all summaries)

Neighborhood Assistance Act Tax Credit Program. Increases by $500,000 in each of fiscal years 2015 and 2016 the amount of tax credits that may be issued under the tax credit program for both donations supporting education programs and donations supporting other than education programs. After the phase-in is completed, each fiscal year $9 million in tax credits could be issued for donations supporting education programs and $8 million in tax credits could be issued for donations supporting other than education programs. The bill also grants a five-year exemption from current eligibility requirements relating to persons served by the neighborhood organization and the use of the organization's revenues. Only those organizations that received neighborhood assistance tax credits for fiscal year 2011-2012 would benefit from the exemption.


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