Bill > SF94

This bill creates a Hoover presidential library tax credit available against the 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 bill sets a total cap of $5 million in tax credits and a maximum of 5% of the total for any individual taxpayer. It also reserves 10% of the credits for donations of $30,000 or less. The tax credit is available for tax years 2021 through 2023 and cannot be carried back or transferred to other taxpayers.