SB 557 – Creates a tax credit for contributions to certain charitable organizations

• Sponsor: Brown
• LR Number: 5037S.01I
• Committee: Economic Development
• Last Action: 1/8/2018 - Second Read and Referred S Economic Development Committee
• Journal Page: S104
• Effective Date: August 28, 2018

Current Bill Summary

SB 557 - For all tax years beginning on or after January 1, 2019, this act creates a tax credit in an amount equal to fifty percent of a taxpayer's contribution 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, and is non-transferrable.

This act shall sunset after 6 years unless reauthorized by the General Assembly.

This act is identical to SB 179 (2017) and SB 1134 (2016).

JOSHUA NORBERG