2001 Regular Session

HOUSE BILL 1429

File Code: Taxes - Income
Sponsored By:
Delegates Taylor, Finifter, and McKee
Entitled:
Income Tax Credit for Charitable Contributions to Community Foundations

Synopsis:

Providing an individual a credit against the State income tax in an amount equal to 100% of the amount of unrestricted charitable contributions made by the individual to a community foundation's endowment during the taxable year; limiting the credit that may be claimed; allowing the credit only if the individual's qualified capital gain for the taxable year for which the credit is received is at least $10,000,000; providing for a reduction of itemized deductions if the credit is claimed; etc.

History by Legislative Date

House Action
3/2
First Reading House Rules and Executive Nominations
3/5
Re-referred Ways and Means
3/7
Hearing 3/15 at 1:00 p.m.
3/12
Hearing cancelled
Hearing 3/20 at 1:00 p.m.
4/6
Favorable with Amendments Report by Ways and Means
4/2
Favorable with Amendments Report Adopted
Floor Amendment (Delegate Brinkley) Rejected (50-67)
Second Reading Passed with Amendments
4/3
Third Reading Failed (55-74)
Senate Action
No Action
Sponsored by:
Delegate Casper R. Taylor, Jr., District 1C
Delegate Michael J. Finifter, District 11
Delegate Robert A. McKee, District 2A
Bill indexed under the following Subjects:
EXEMPTIONS
GIFTS
INCOME TAX
NONPROFIT ORGANIZATIONS
TAX CREDITS -see also- CIRCUIT BREAKER
Bill affects the following Statutes:
Tax - General
( 10-218 , 10-722 )

Documents:

Bill Text: First Reading (PDF), Third Reading (PDF), Enrolled
Fiscal Note: Available (PDF)
Amendments:
House
Number: 085769/1 (PDF)     Offered on: April 6, 2001   at: 8:17 p.m.     Status: Adopted
Number: 783626/1 (PDF)     Offered on: April 6, 2001   at: 8:18 p.m.     Status: Rejected
Roll Call Votes (Legislative dates are shown):
House
April 2, 2001: Floor Amendment (Brinkley) {783626/1 Rejected (50-67)
April 3, 2001: Third Reading Failed (55-74)