SCS/SB 614 - This act creates an income tax credit in an amount equal to fifty percent of a donation made, on or after January 1, 2007, to a qualifying residential treatment agency. The tax credit may not be applied against withholding taxes. The credit provided under the act may be applied against corporate franchise taxes, gross premium receipt taxes for insurance companies and taxes imposed upon financial institutions in addition to individual income taxes. An agency may apply for tax credits in an aggregate amount that does not exceed forty percent of the payments made by the department of social services to the agency in the preceding twelve months. The tax credit is fully transferable and may be carried back three years or forward up to four years.
This act is similar to SS/SB 362 (2005).