Bill > HB654

This bill authorizes a tax credit for certain donations made by individual taxpayers to local hospital foundations. The tax credit is equal to 50% of the qualified donation amount, up to a maximum of $2,500 per taxpayer. The total amount of tax credits available under this program is capped at $2 million per tax year. The tax credits are non-refundable but can be carried forward for up to three subsequent tax years. The Department of Revenue is required to promulgate rules to administer the tax credit program, and the program is subject to a sunset provision where it will automatically expire after six years unless reauthorized by the General Assembly.