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H0242...............................................by REVENUE AND TAXATION
INCOME TAX CREDIT - Amends existing law relating to income tax to provide
an income tax credit for a charitable contribution to the state account
established for the Idaho Opportunity Scholarship Program.
02/26 House intro - 1st rdg - to printing
02/27 Rpt prt - to Rev/Tax
02/28 Rpt out - rec d/p - to 2nd rdg
03/01 2nd rdg - to 3rd rdg
03/02 3rd rdg - PASSED - 64-0-6
AYES -- Anderson, Andrus, Barrett, Bayer, Bedke, Bell, Bilbao, Black,
Block, Bock, Boe, Bolz, Brackett, Bradford, Chadderdon, Chavez, Chew,
Collins, Crane, Durst, Eskridge, Hagedorn, Hart, Henbest, Jaquet,
Killen, King, Kren, Labrador, Lake, LeFavour, Loertscher, Luker,
Marriott, Mathews, McGeachin, Mortimer, Moyle, Nielsen,
Pasley-Stuart, Patrick, Pence, Raybould, Ring, Ringo, Roberts,
Ruchti, Rusche, Sayler, Schaefer, Shepherd(2), Shepherd(8), Shirley,
Shively, Smith(30), Smith(24), Snodgrass, Stevenson, Thayn, Trail,
Vander Woude, Wills, Wood(27), Mr. Speaker
NAYS -- None
Absent and excused -- Clark, Edmunson, Harwood, Henderson, Nonini,
Wood(35)
Floor Sponsor - Ruchti
Title apvd - to Senate
03/05 Senate intro - 1st rdg - to Loc Gov
]]]] LEGISLATURE OF THE STATE OF IDAHO ]]]]
Fifty-ninth Legislature First Regular Session - 2007
IN THE HOUSE OF REPRESENTATIVES
HOUSE BILL NO. 242
BY REVENUE AND TAXATION COMMITTEE
1 AN ACT
2 RELATING TO INCOME TAX; AMENDING SECTION 63-3029A, IDAHO CODE, TO PROVIDE AN
3 INCOME TAX CREDIT FOR A CHARITABLE CONTRIBUTION TO THE STATE ACCOUNT
4 ESTABLISHED FOR THE IDAHO OPPORTUNITY SCHOLARSHIP PROGRAM.
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, including a university related
16 research park, to nonprofit private or public institutions of elementary, sec-
17 ondary, or higher education or their foundations located within the state of
18 Idaho, including the state account established for the Idaho opportunity
19 scholarship program, to Idaho education public broadcast system foundations
20 within the state of Idaho, to the Idaho state historical society or its foun-
21 dation, to the Idaho commission for libraries and to public libraries or their
22 foundations and library districts or their foundations located within the
23 state of Idaho, and to nonprofit public or private museums or their founda-
24 tions located within the state of Idaho.
25 (1) In the case of a taxpayer other than a corporation, the amount allow-
26 able as a credit under this section for any taxable year shall not exceed
27 twenty percent (20%) of such taxpayer's total income tax liability imposed by
28 section 63-3024, Idaho Code, for the year, or one hundred dollars ($100),
29 whichever is less.
30 (2) In the case of a corporation, the amount allowable as a credit under
31 this section for any taxable year shall not exceed ten percent (10%) of such
32 corporation's total income or franchise tax liability imposed by sections
33 63-3025 and 63-3025A, Idaho Code, for the year, or one thousand dollars
34 ($1,000), whichever 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.
2
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
RS 17066
The purpose of this legislation is to create an income tax
credit for individuals who contribute to the Idaho Opportunity
Scholarship Fund. The Idaho Opportunity Scholarship Fund will be
used to provide financial resources to Idaho students who are
economically disadvantaged and commit to successful completion of
the academic preparation necessary to be regularly admitted to an
eligible Idaho institution of higher education.
FISCAL NOTE
The proposal has been crafted to allow Idaho citizens and
businesses to contribute funds into the Opportunity Scholarship
Fund. This parallels existing tax credits found in Idaho Code 63-
3029A, which limits income tax credit to a maximum of $100 for
individuals and $1,000 for corporations. The actual impact upon
state tax collections is unknown.
Contact
Name: Karen McGee
Agency: Office of the Governor
Phone: 334-2100
STATEMENT OF PURPOSE/FISCAL NOTE H 242