SB 257

Bill Subjects

Education Generally Income Taxes, Credits Nonprofit Corporations And Organizations Schools, Taxes

Abstract

Provides a 50% state tax credit for contributions made to a public school foundation for taxable years beginning after December 31, 2023, and before January 1, 2026. Provides that the amount allowable as a credit in a taxable year may not exceed: (1) $1,000 in the case of: (A) an individual filing a single return; (B) a married individual filing a separate return; or (C) a corporation; or (2) $2,000 in the case of a married couple filing a joint return. Provides that the maximum amount of credits that may be awarded in a state fiscal year is $5,000,000.