Summary as passed: (all summaries) Tax credits; assistance to low-income families; scholarships for K through 12 students attending private schools. Establishes a credit beginning in taxable year 2013 for individuals, business entities, and corporations making monetary donations to nonprofit organizations providing education improvement scholarships to students whose family's annual household income is not in excess of 300 percent of the current poverty guidelines and certain students with disabilities, in order for them to attend nonpublic elementary or secondary schools. Nonprofit organizations to which donations are made would be required to distribute at least 90 percent of such donations in the form of scholarships to such students. The credit would equal 65 percent of the donation made and any unused credit for the taxable year could be carried forward for five years. There is an annual cap of $25 million in tax credits for the scholarship program. The Department of Education would administer the tax credit program. The bill also expands the current Neighborhood Assistance Act Tax Credit program by increasing the tax credit percentage from 40 to 65 percent; raising the cap on education proposals from $4.9 million to $8 million, which has the effect of raising the total cap on the program from $11.9 million to $15 million; expanding the eligibility criteria for programs qualifying for tax credits to encompass programs providing services to certain students with disabilities and individuals whose family's annual household income is not in excess of 300 percent of the poverty guidelines; allowing unused credits at the end of the year to be distributed to neighborhood organizations that had previously met the $500,000 cap on tax credits; and extending the sunset for the program to July 1, 2017. This bill incorporates SB 241. Full text:01/10/12 Senate: Prefiled and ordered printed; offered 01/11/12 12102635D pdf | impact statement 02/14/12 Senate: Committee substitute printed 12105426D-S1 pdf | impact statement 03/05/12 Senate: Bill text as passed Senate and House (SB131ER) pdf | impact statement 04/09/12 Governor: Acts of Assembly Chapter text (CHAP0731) pdf Status: 01/10/12 Senate: Prefiled and ordered printed; offered 01/11/12 12102635D 01/10/12 Senate: Referred to Committee on Finance 02/14/12 Senate: Reported from Finance with substitute (8-Y 7-N) 02/14/12 Senate: Committee substitute printed 12105426D-S1 02/14/12 Senate: Incorporates SB241 02/15/12 Senate: Read first time 02/16/12 Senate: Read second time 02/16/12 Senate: Reading of substitute waived 02/16/12 Senate: Committee substitute agreed to 12105426D-S1 02/16/12 Senate: Engrossed by Senate - committee substitute SB131S1 02/17/12 Senate: Read third time and passed Senate (20-Y 20-N) 02/17/12 Senate: Chair votes Yes 02/20/12 House: Placed on Calendar 02/20/12 House: Read first time 02/20/12 House: Referred to Committee on Finance 02/20/12 House: Assigned Finance sub: #3 02/27/12 House: Reported from Finance (13-Y 8-N) 02/28/12 House: Read second time 02/29/12 House: Read third time 02/29/12 House: Passed House (57-Y 40-N) 02/29/12 House: VOTE: PASSAGE (57-Y 40-N) 03/05/12 Senate: Enrolled 03/05/12 Senate: Bill text as passed Senate and House (SB131ER) 03/05/12 House: Signed by Speaker 03/07/12 Senate: Signed by President 04/09/12 Governor: Approved by Governor-Chapter 731 (effective 7/1/12) 04/09/12 Governor: Acts of Assembly Chapter text (CHAP0731) |