| SB 0483 | Authorizes state income tax credit for cash contributions to school tuition organizations |
| Sponsor: | Yeckel | |||
| LR Number: | S2045.01I | Fiscal Note: | 2045-01 | |
| Committee: | Education | |||
| Last Action: | 03/10/99 - Hearing Conducted S Education Committee | Journal page: | ||
| Title: | ||||
| Effective Date: | August 28, 1999 | |||
SB 483 - This act authorizes, for taxable years beginning on
or after January 1, 1999, a state income tax credit for cash
contributions, not exceeding $500 per year, to a school tuition
organization, defined as a charitable organization exempt from
federal income tax that allocates at least 90% of its annual
revenue for educational scholarships or tuition grants to
children. The credit may be carried forward for up to five
years. The credit is not allowed if the contribution is part of
the taxpayer's itemized deductions on the state income tax return
for that taxable year.
RUSS HEMBREE