Bill > HB4388

This bill proposes to amend the Income Tax Act of 1967 by adding a new section 261, which would allow taxpayers to claim a credit against their state income tax for making certain charitable contributions. Specifically, the bill would provide a 50% tax credit for donations to homeless shelters, food kitchens, food banks, and other entities that provide food or accommodation to the indigent, up to a maximum credit of $100 for individual filers or $200 for joint filers. Additionally, the bill would provide a 50% tax credit for contributions to community foundations, also subject to a maximum credit amount. The bill also includes provisions regarding the treatment of these credits for resident estates and trusts, and requires the state Department of Treasury to report annually on the total amount of tax credits claimed under this section.