SCS/SB 455 - This act modifies provisions relating to benevolent tax credits.NEIGHBORHOOD ASSISTANCE TAX CREDITS
Current law authorizes multiple tax credits for contributions made to and investments made for the purposes of providing physical revitalization, economic development, job training or education for individuals, community services, crime prevention, and affordable housing assistance, with such tax credits being equal to varying percentages of the contributions or investments made. This act sets each tax credit equal to 70% of the amount of such contributions or investments. (Section 32.115)
ADOPTION TAX CREDIT
Current law authorizes a nonrefundable tax credit for nonrecurring adoption expenses, with an annual limit of $6 million dollars in tax credits. This act makes the tax credit refundable, removes the $6 million limit, and provides that, for tax years ending on or before December 31, 2023, priority for authorizing tax credits shall be given to applications for special needs children who are residents or wards of residents of this state. (Section 135.327)
YOUTH OPPORTUNITIES AND VIOLENCE PREVENTION TAX CREDIT
Current law authorizes a tax credit in the amount of 50% of contributions made to certain youth programs. This act increases such tax credit to 70% of the amount of such contributions made. (Section 135.460)
JOSH NORBERG