Bill > S1517

This bill proposes to create a tax credit for donations made to organizations that distribute funds to individual development accounts, which are established under a specific line item in a previous act and are intended to help individuals save for specific goals. The tax credit would be equal to 75% of the donation amount, up to a maximum of $75,000, and if the credit is claimed, any amount deducted for the donation on federal taxes must be added back to Massachusetts taxable income. The bill also specifies that the tax credit cannot exceed a taxpayer's tax liability in any given year and allows unused credits to be carried forward for up to three subsequent tax years. Additionally, it requires community-based organizations providing financial literacy training for these accounts to offer options suitable for individuals with autism and other developmental disabilities, acknowledging the importance of accessible training for this population.