HB1524: Tax credit for contributions to qualified nonprofits.

Legislative Summary

Tax credit for contributions to qualified nonprofits. Provides a state tax credit (credit) for contributions made to a qualified nonprofit organization for taxable years beginning after December 31, 2025. Provides that the amount allowable as a credit in a taxable year is equal to the lesser of: (1) the total amount of the contributions made by the taxpayer to one or more qualified nonprofit organizations; or (2) 50% of the taxpayer's state tax liability. Provides that the maximum amount of credits that may be awarded in a state fiscal year may not exceed $1,000,000.