Senate Bill 257
Introduced Senate Bill (S)
DIGEST
Income tax credit for K-12 education contributions. Provides a 50% state tax credit for contributions made to a public school foundation for taxable years beginning after December 31, 2023, and before January 1, 2026. Provides that the amount allowable as a credit in a taxable year may not exceed: (1) $1,000 in the case of: (A) an individual filing a single return; (B) a married individual filing a separate return; or (C) 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
Income tax credit for K-12 education contributions. Provides a 50% state tax credit for contributions made to a public school foundation for taxable years beginning after December 31, 2023, and before January 1, 2026. Provides that the amount allowable as a credit in a taxable year may not exceed: (1) $1,000 in the case of: (A) an individual filing a single return; (B) a married individual filing a separate return; or (C) 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 is $5,000,000.
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