Summary as passed House: (all summaries) Income tax; Public/Private Education Investment Tax Credit. Creates income tax credits for business entities and individual taxpayers who make contributions to eligible public school foundations and eligible scholarship foundations. For individual taxpayers, the amount of the annual credit is 90 percent of the contribution but may not exceed $800 for individual taxpayers and $1,200 for married taxpayers filing jointly. The amount of the annual credit for business entities is 90 percent of the contribution with no limit on the dollar amount. The public school foundations are required to disburse annually 90 percent of the contributions for capital improvement projects approved by the local school board and for extracurricular activities. The scholarship foundations are required to disburse 90 percent of the contributions for qualified educational expenses through scholarships. There is a $20 million cap on total tax credits awarded annually, with $10 million allocated for contributions made to public school foundations and $10 million allocated for contributions made to scholarship foundations. The credit would be effective for taxable years beginning on and after January 1, 2011. Full text:01/12/10 House: Prefiled and ordered printed; offered 01/13/10 10103472D pdf | impact statement 02/01/10 House: Committee substitute printed 10104786D-H1 pdf | impact statement 02/12/10 House: Committee substitute printed 10105350D-H2 pdf | impact statement Status: 01/12/10 House: Prefiled and ordered printed; offered 01/13/10 10103472D 01/12/10 House: Referred to Committee on Finance 01/25/10 House: Assigned Finance sub: #3 01/29/10 House: Subcommittee recommends reporting (4-Y 0-N) 01/29/10 House: Subcommittee recommends referring to Committee on Appropriations 02/01/10 House: Reported from Finance with substitute (14-Y 7-N) 02/01/10 House: Committee substitute printed 10104786D-H1 02/01/10 House: Referred to Committee on Appropriations 02/04/10 House: Assigned App. sub: Elementary and Secondary 02/10/10 House: Subcommittee recommends reporting with amendment(s) (5-Y 3-N) 02/12/10 House: Reported from Appropriations with substitute (13-Y 8-N) 02/12/10 House: Committee substitute printed 10105350D-H2 02/14/10 House: Read first time 02/15/10 House: Read second time 02/15/10 House: Committee substitute from Finance rejected 10104786D-H1 02/15/10 House: Committee substitute from Appropriations agreed to 10105350D-H2 02/15/10 House: Engrossed by House - committee substitute HB599H2 02/16/10 House: Read third time and passed House (55-Y 44-N) 02/16/10 House: VOTE: --- PASSAGE (55-Y 44-N) 02/17/10 Senate: Constitutional reading dispensed 02/17/10 Senate: Referred to Committee on Finance 02/24/10 Senate: Passed by indefinitely in Finance (9-Y 6-N) |