Bill > S0474

This bill extends the deadline for the Community Contribution Tax Credit Program, which allows individuals and businesses to receive tax credits for donations to eligible sponsors of revitalization and housing projects. Specifically, the bill postpones the expiration date of this program from June 30, 2015, to June 30, 2025. The program, overseen by the Department of Economic Opportunity (DEO), provides tax credits against sales and use tax, corporate income tax, and insurance premium tax for contributions made to projects that benefit low-income households, promote homeownership, or support economic development. The bill also makes minor technical changes to the definitions and language within the relevant statutes to align with the extended expiration date.