SUMMARY: LC 43 0643ER

Would allow taxpayers to be eligible for a tax credit for donations to eligible nonprofit organizations. Donations to eligible nonprofits may only be used to provide improved technology to county, municipal and independent school districts.

POINTS TO CONSIDER:

• Taxpayers that donate to eligible nonprofit organizations will receive an income tax credit equal to 50 percent of the amount donated
• The credit will not be allowed to reduce any estimated tax payments levied before October 1, 2017
• Tax credit is limited to no more than 50% of tax payer's tax liability
• Tax payer may carry forward unused credits for three years 
• Total amount of tax credits in first year may not exceed $10 million 

EFFECTIVE DATE: July 1, 2017 if passed