Print Friendly HOUSE BILL NO. 620 – Contributions/education/tax credit
HOUSE BILL NO. 620
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H0620...............................................by REVENUE AND TAXATION
CONTRIBUTION - EDUCATIONAL PURPOSES - Amends existing law to increase the
amount of the tax credit allowed for contributions for educational purposes
from $50.00 to $100 for individuals and from $500 to $1,000 for
02/04 House intro - 1st rdg - to printing
02/05 Rpt prt - to Rev/Tax
02/23 Rpt out - rec d/p - to 2nd rdg
02/24 2nd rdg - to 3rd rdg
02/26 3rd rdg - PASSED - 49-15-6
AYES -- Alltus, Barraclough, Barrett, Bieter, Bivens, Black(15),
Bruneel, Callister, Campbell, Clark, Crow, Cuddy, Deal, Ellsworth,
Field(13), Field(20), Gould, Hadley, Hansen, Henbest, Hornbeck,
Jaquet, Jones(22), Jones(20), Kellogg, Kempton, Kunz, Lake,
Loertscher, Mader, Marley, McKague, Meyer, Miller, Mortensen,
Pischner, Ridinger, Sali, Schaefer, Stone, Stubbs, Taylor, Tilman,
Tippets, Trail, Watson, Wheeler, Zimmermann, Mr Speaker
NAYS -- Bell, Black(23), Boe, Chase, Denney, Geddes, Jones(9), Judd,
Kendell, Pomeroy, Reynolds, Richman, Robison, Stevenson, Stoicheff
Absent and Excused -- Crane, Gagner, Kjellander, Linford, Newcomb,
Floor Sponsor - Clark
Title apvd - to Senate
02/27 Senate intro - 1st rdg - to Loc Gov
|||| LEGISLATURE OF THE STATE OF IDAHO ||||
Fifty-fourth Legislature Second Regular Session - 1998
IN THE HOUSE OF REPRESENTATIVES
HOUSE BILL NO. 620
BY REVENUE AND TAXATION COMMITTEE
1 AN ACT
2 RELATING TO INCOME TAXES; AMENDING SECTION 63-3029A, IDAHO CODE, TO INCREASE
3 THE AMOUNT OF THE TAX CREDIT ALLOWED FOR CONTRIBUTIONS TO EDUCATIONAL PUR-
5 Be It Enacted by the Legislature of the State of Idaho:
6 SECTION 1. That Section 63-3029A, Idaho Code, be, and the same is hereby
7 amended to read as follows:
8 63-3029A. INCOME TAX CREDIT FOR CHARITABLE CONTRIBUTIONS -- LIMITATION.
9 At the election of the taxpayer, there shall be allowed, subject to the appli-
10 cable limitations provided herein, as a credit against the income tax imposed
11 by chapter 30, title 63, Idaho Code, an amount equal to fifty percent (50%) of
12 the aggregate amount of charitable contributions made by such taxpayer during
13 the year to a nonprofit corporation, fund, foundation, trust, or association
14 organized and operated exclusively for the benefit of institutions of higher
15 learning located within the state of Idaho, to nonprofit private or public
16 institutions of elementary, secondary, or higher education or their founda-
17 tions located within the state of Idaho, to Idaho education public broadcast
18 system foundations within the state of Idaho, to the Idaho state historical
19 society or its foundation, and to public libraries or their foundations and
20 library districts or their foundations located within the state of Idaho, and
21 to nonprofit public or private museums or their foundations located within the
22 state of Idaho.
23 1. In the case of a taxpayer other than a corporation, the amount allow-
24 able as a credit under this section for any taxable year shall not exceed
25 twenty percent (20%) of such taxpayer's total income tax liability imposed by
26 section 63-3024, Idaho Code, for the year, or fifty one
27 hundred dollars ($ 5 10 0 .00 ),
28 whichever is less.
29 2. In the case of a corporation, the amount allowable as a credit under
30 this section for any taxable year shall not exceed ten percent (10%) of such
31 corporation's total income or franchise tax liability imposed by sections
32 63-3025 and 63-3025A, Idaho Code, for the year, or five hundred
33 one thousand dollars ($ 5 1,0 00), which-
34 ever is less.
35 For the purposes of this section, "institution of higher learning" means
36 only an educational institution located within this state meeting all of the
37 following requirements:
38 (a) It maintains a regular faculty and curriculum and has a regularly
39 enrolled body of students in attendance at the place where its educational
40 activities are carried on.
41 (b) It regularly offers education above the twelfth grade.
42 (c) It is accredited by the Northwest Association of Schools and Col-
43 leges, or by the state board of education.
1 For the purposes of this section, a nonprofit institution of secondary or
2 higher education means a private nonprofit secondary or higher educational
3 institution located within the state of Idaho, which is accredited by the
4 Northwest Association of Schools and Colleges, or by the state board of educa-
5 tion. A nonprofit private institution of elementary education means a private
6 nonprofit elementary educational institution located within the state of Idaho
7 and approved by the state board of education.
STATEMENT OF PURPOSE
This legislation will double the amount allowable as an
income tax credit from charitable contributions to primary and
secondary education, libraries, public television and foundations
for the benefit of education.
For the 1996 tax year 33,999 used section 63-3029A for a cost
of $2,017,065 and 424 businesses used section 63-3020A for cost of
$78,028.80. The impact of doubling the tax credit would put the
cost per return at $118.66 and $268.06 respectively. The estimated
cost of this legislation is $2,095,284.90.
CONTACT: Rep Jim Clark
STATEMENT OF PURPOSE/FISCAL NOTE
Bill No. H 620