Bill > HF255

This bill creates a Hoover presidential library tax credit that can be claimed against individual and corporate income taxes, the franchise tax, the insurance premiums tax, and the moneys and credit tax. The tax credit is equal to 25% of a person's donation to the Hoover presidential foundation for the Hoover presidential library and museum renovation project fund. The total amount of tax credits authorized is capped at $5 million, with a maximum of $250,000 available per person. The bill also reserves 10% of the total credits for donations of $30,000 or less. The tax credit is non-transferable and the state's Economic Development Authority is responsible for administering the program. The tax credit is available for tax years beginning in 2021 through 2023 and is repealed on December 31, 2029.