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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 6 APPLICATION. 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- 2 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 RS 14610 This legislation adds the "Southern Idaho Learning Center" to the list of charities listed in IC 63-3029A. FISCAL IMPACT The general fund loss would probably be less than $3,000.00. Contact Name: Representative Leon Smith Phone: 208-332-1000 STATEMENT OF PURPOSE/FISCAL NOTE H 77