Bill > HB4993

This bill proposes to amend the Income Tax Act of 1967 to provide a tax credit for individual taxpayers who donate to the endowment fund of a community foundation. The credit would be equal to 50% of the donation, with a maximum credit of $100 for individual taxpayers and $200 for joint filers. For resident estates or trusts, the credit is limited to 10% of the taxpayer's tax liability or $5,000, whichever is less. The bill also requires the Department of Treasury to report annually on the total amount of tax credits claimed under this provision.