Print Friendly HOUSE BILL NO. 77 – Southern ID Learning Ctr/tax credit
HOUSE BILL NO. 77
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H0077...............................................by REVENUE AND TAXATION
SOUTHERN IDAHO LEARNING CENTER - Amends existing law to provide a state
income tax credit with specified limits for charitable contributions made
by a taxpayer to the Southern Idaho Learning Center.
02/01 House intro - 1st rdg - to printing
02/02 Rpt prt - to Rev/Tax
]]]] LEGISLATURE OF THE STATE OF IDAHO ]]]]
Fifty-eighth Legislature First Regular Session - 2005
IN THE HOUSE OF REPRESENTATIVES
HOUSE BILL NO. 77
BY REVENUE AND TAXATION COMMITTEE
1 AN ACT
2 RELATING TO INCOME TAX CREDITS FOR CHARITABLE CONTRIBUTIONS; AMENDING SECTION
3 63-3029A, IDAHO CODE, TO PROVIDE A STATE INCOME TAX CREDIT WITH SPECIFIED
4 LIMITS FOR CHARITABLE CONTRIBUTIONS MADE BY A TAXPAYER TO THE SOUTHERN
5 IDAHO LEARNING CENTER; DECLARING AN EMERGENCY AND PROVIDING RETROACTIVE
7 Be It Enacted by the Legislature of the State of Idaho:
8 SECTION 1. That Section 63-3029A, Idaho Code, be, and the same is hereby
9 amended to read as follows:
10 63-3029A. INCOME TAX CREDIT FOR CHARITABLE CONTRIBUTIONS -- LIMITATION.
11 At the election of the taxpayer, there shall be allowed, subject to the appli-
12 cable limitations provided herein, as a credit against the income tax imposed
13 by chapter 30, title 63, Idaho Code, an amount equal to fifty percent (50%) of
14 the aggregate amount of charitable contributions made by such taxpayer during
15 the year to a nonprofit corporation, fund, foundation, trust, or association
16 organized and operated exclusively for the benefit of institutions of higher
17 learning located within the state of Idaho, including a university related
18 research park, to nonprofit private or public institutions of elementary, sec-
19 ondary, or higher education or their foundations located within the state of
20 Idaho, to Idaho education public broadcast system foundations within the state
21 of Idaho, to the Idaho state historical society or its foundation, to the
22 Idaho state library, to the southern Idaho learning center, and to public
23 libraries or their foundations and library districts or their foundations
24 located within the state of Idaho, and to nonprofit public or private museums
25 or their foundations located within the state of Idaho.
26 (1) In the case of a taxpayer other than a corporation, the amount allow-
27 able as a credit under this section for any taxable year shall not exceed
28 twenty percent (20%) of such taxpayer's total income tax liability imposed by
29 section 63-3024, Idaho Code, for the year, or one hundred dollars ($100),
30 whichever is less.
31 (2) In the case of a corporation, the amount allowable as a credit under
32 this section for any taxable year shall not exceed ten percent (10%) of such
33 corporation's total income or franchise tax liability imposed by sections
34 63-3025 and 63-3025A, Idaho Code, for the year, or one thousand dollars
35 ($1,000), whichever is less.
36 For the purposes of this section, "institution of higher learning" means
37 only an educational institution located within this state meeting all of the
38 following requirements:
39 (a) It maintains a regular faculty and curriculum and has a regularly
40 enrolled body of students in attendance at the place where its educational
41 activities are carried on.
42 (b) It regularly offers education above the twelfth grade.
43 (c) It is accredited by the northwest association of schools and col-
1 leges, or by the state board of education.
2 For the purposes of this section, a nonprofit institution of secondary or
3 higher education means a private nonprofit secondary or higher educational
4 institution located within the state of Idaho, which is accredited by the
5 northwest association of schools and colleges, or by the state board of edu-
6 cation. A nonprofit private institution of elementary education means a pri-
7 vate nonprofit elementary educational institution located within the state of
8 Idaho and approved by the state board of education.
9 SECTION 2. An emergency existing therefor, which emergency is hereby
10 declared to exist, this act shall be in full force and effect on and after its
11 passage and approval, and retroactively to January 1, 2005.
STATEMENT OF PURPOSE
This legislation adds the "Southern Idaho Learning Center"
to the list of charities listed in IC 63-3029A.
The general fund loss would probably be less than
Name: Representative Leon Smith
STATEMENT OF PURPOSE/FISCAL NOTE H 77