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H0697...............................................by REVENUE AND TAXATION
INCOME TAX - CREDITS - Amends existing law to provide for an income tax
credit for charitable contributions made to Special Olympics Idaho.
02/28 House intro - 1st rdg - to printing
02/29 Rpt prt - to Rev/Tax
H0697
|||| LEGISLATURE OF THE STATE OF IDAHO ||||
Fifty-fifth Legislature Second Regular Session - 2000
IN THE HOUSE OF REPRESENTATIVES
HOUSE BILL NO. 697
BY REVENUE AND TAXATION COMMITTEE
1 AN ACT
2 RELATING TO STATE INCOME TAX CREDIT; AMENDING SECTION 63-3029C, IDAHO CODE, TO
3 PROVIDE FOR AN INCOME TAX CREDIT FOR CHARITABLE CONTRIBUTIONS MADE TO SPE-
4 CIAL OLYMPICS IDAHO.
5 Be It Enacted by the Legislature of the State of Idaho:
6 SECTION 1. That Section 63-3029C, Idaho Code, be, and the same is hereby
7 amended to read as follows:
8 63-3029C. INCOME TAX CREDIT FOR REHABILITATION FACILITIES -- 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 the anchor house or its foundation, to the children's home society
14 of Idaho, inc., to the Idaho youth ranch or its foundation, to the hope house,
15 inc. or its foundation, to the north Idaho children's home or its foundation,
16 to a center for independent living located within the state of Idaho, to spe-
17 cial olympics Idaho, or to a nonprofit rehabilitation facility located within
18 the state of Idaho or its foundation.
19 (1) In the case of a taxpayer other than a corporation, the amount allow-
20 able as a credit under this section for any taxable year shall not exceed
21 twenty percent (20%) of such taxpayer's total income tax liability imposed by
22 section 63-3024, Idaho Code, for the year, or one hundred dollars ($100),
23 whichever is less.
24 (2) In the case of a corporation, the amount allowable as a credit under
25 this section for any taxable year shall not exceed ten percent (10%) of such
26 corporation's total income or franchise tax liability imposed by sections
27 63-3025 and 63-3025A, Idaho Code, for the year, or five hundred dollars
28 ($500), whichever is less.
29 (3) For the purposes of this section, "center for independent living"
30 shall mean a private, nonprofit, nonresidential organization in which at least
31 fifty-one percent (51%) of the principal governing board, management and staff
32 are individuals with disabilities and that:
33 (a) Is designed and operated within a local community by individuals with
34 disabilities;
35 (b) Provides an array of independent living services and programs; and
36 (c) Is cross-disability.
37 (4) For the purposes of this section, "nonprofit rehabilitation facility"
38 means only a facility that is accredited by the commission on accreditation of
39 rehabilitation facilities.
STATEMENT OF PURPOSE
RS 09310
This legislation will provide for an income tax credit for charitable contributions
made to Special Olympics of Idaho.
FISCAL IMPACT
The fiscal impact is estimated at a negative $375,000 to the general fund based on
1998 dollars.
Contact
Name: Rep Ruby Stone
Phone: 332-1000
STATEMENT OF PURPOSE/FISCAL NOTE H 697