Bill Text: CT HB05060 | 2012 | General Assembly | Comm Sub
Bill Title: An Act Establishing A Tax Credit For Corporate Donations To Scholarship Funds.
Sponsorship: Partisan Bill (Republican 1)
Status: (Introduced - Dead) 2012-03-09 - Public Hearing 03/13 [HB05060 Detail]
Download: Connecticut-2012-HB05060-Comm_Sub.html
General Assembly |
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February Session, 2012 |
LCO No. 1978 | ||
*01978HB05060HED* | |||
Referred to Committee on Higher Education and Employment Advancement |
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Introduced by: |
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(HED) |
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AN ACT ESTABLISHING A TAX CREDIT FOR CORPORATE DONATIONS TO SCHOLARSHIP FUNDS.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. (NEW) (Effective July 1, 2012, and applicable to income years commencing on or after January 1, 2012) (a) For purposes of this section, "business firm" means any entity authorized to do business in this state and subject to the corporation business tax imposed under chapter 208 of the general statutes.
(b) There shall be allowed a credit against the tax imposed by chapter 208 of the general statutes for contributions made by a business firm to a scholarship established to enable Connecticut public school students to attend a constituent unit, as defined in section 10a-1 of the general statutes. The minimum contribution shall be two thousand five hundred dollars and the credit shall be in an amount equal to ten per cent of any contribution above such minimum contribution amount.
(c) The amount of the credit allowed for any income year for any one business firm may not exceed five thousand dollars. In no event shall the total amount of all tax credits allowed to all business firms pursuant to the provisions of this section exceed five hundred thousand dollars in any one fiscal year.
(d) The credit shall be claimed on the tax return for the income year during which the business firm made the donation to the scholarship fund. Any tax credit not used in the period during which the expenditure was made may be carried forward for the five immediately succeeding income years until the full credit has been allowed.
(e) The Commissioner of Revenue Services shall adopt regulations in accordance with the provisions of chapter 54 of the general statutes to implement the provisions of this section. Such regulations shall include criteria for scholarship funds to qualify for donations allowed a credit pursuant to this section.
This act shall take effect as follows and shall amend the following sections: | ||
Section 1 |
July 1, 2012, and applicable to income years commencing on or after January 1, 2012 |
New section |
Statement of Purpose:
To provide a credit against the corporation business tax for businesses donating more than $2,500 to scholarships that help Connecticut public school students attend a constituent unit.
[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]