Bill > SB0127

This bill proposes to amend the Income Tax Act of 1967 by adding a new section that allows taxpayers to claim a tax credit for contributions made to the endowment fund of a certified community foundation. The credit is equal to 50% of the contribution, with a maximum credit of $100 for individual taxpayers and $200 for joint filers. For resident estates or trusts, the maximum credit is 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 section.