SB 1134 – Creates a tax credit for charitable donations to Love INC

• Sponsor: Brown
• LR Number: 6726S.01I
• Committee: Jobs, Economic Development and Local Government
• Last Action: 3/3/2016 - Second Read and Referred S Jobs, Economic Development and Local Government Committee
• Journal Page: S508
• Effective Date: August 28, 2016

Current Bill Summary

SB 1134 - This act creates a tax credit for all tax years beginning after January 1, 2017 for an amount equal to fifty percent of the taxpayer's contributions to Love INC. The tax credit shall not be excess of $5,000. The tax credit may be carried forward over the next 3 years until fully claimed. Credits under this section are non-transferrable.

This section shall expire after 6 years unless reauthorized by an act of the General Assembly.

This act is identical to HB 2612 (2016).

DOMENIC SITA