SB0141: State tax credit for public school foundation contributions.

Legislative Summary

State tax credit for public school foundation contributions. Provides a 25% state tax credit for contributions made to a public school foundation for taxable years beginning after December 31, 2022, and before January 1, 2025. Provides that the amount allowable as a credit in a taxable year may not exceed: (1) $1,000 in the case of an individual filing a single return or a corporation; or (2) $2,000 in the case of a married couple filing a joint return. Provides that the maximum amount of credits that may be awarded in a state fiscal year may not exceed $5,000,000.