HB1268

Find a 2018 Bill:

2018 Regular Session

 

Entitled:

Income Tax Credit – Donations to Endowment Funds – Community Foundations and Historically Black Colleges and Universities

Sponsored by:

Delegate Hixson

Status:

In the Senate - Hearing 3/28 at 1:00 p.m.


Synopsis:Increasing from $250,000 to $500,000 the aggregate amount of State income tax credits the Department of Housing and Community Development is authorized to issue in a taxable year for donations to certain qualified permanent endowment funds at certain community foundations; allowing a credit against the State income tax in the amount of 25% of a proposed donation to a qualified endowment fund at an institution of higher education; providing the total amount of tax credit certificates certified may not exceed $250,000; etc.
Analysis:Fiscal and Policy Note (Revised)
All Sponsors:Delegates Hixson, Ali, Ebersole, C. Howard, Jalisi, Luedtke, Turner, Walker, M. Washington, Afzali, Hornberger, Mosby, Tarlau, A. Washington, and Wilkins
Additional Facts:Cross-filed with: SB0970
Introduced in a prior session as: HB1119 Session: 2017 Regular Session
Bill File Type: Regular
Effective Date(s): July 1, 2018
Committee(s):
Ways and Means  View Committee HearingBudget and Taxation  View Committee Hearing
Broad Subject(s):Taxes - Income
Narrow Subject(s):Community Facilities and Services
Comptroller
Gifts
Higher Education -see also- Comm Colleges; Med Schools; etc.
Housing and Community Development, Department of
Income Tax
Nonprofit Organizations
Rules and Regulations
Tax Credits
Statutes:Article - Tax - General
(10-736, 10-746)

How a Bill Becomes Law

Legislative Lingo

Explanation of Floor Motions and Actions


March 29, 2018 3:51 P.M.