HB558 Alabama 2014 Session

This bill would amend the Alabama Accountability Act of 2013 to remove the current $7,500 annual limitation on contributions made to scholarship granting organizations by individual taxpayers

This bill would allow certain pass-through entities, such as subchapter S corporations and limited liability companies, to make contributions to scholarship granting organizations and to allow the credit earned by the entity to pass through to and be claimed by its owners, and to likewise expand the definition of individual taxpayer to include the individual owners of these pass-through entities

This bill would amend the release date for unaccounted scholarship funds from September 15 to May 15 of each year

This bill would also amend the reporting period for scholarship granting organizations from a calendar year to a school year

To amend Section 16-6D-9, Code of Alabama 1975, as added by Act 2013-64 and amended by Act 2013-265, 2013 Regular Session, relating to the Alabama Accountability Act of 2013; to remove the current $7,500 annual limitation on contributions made by individual taxpayers to scholarship granting organizations; to allow certain pass-through entities to make contributions to scholarship granting organizations, and to allow the credit earned by those entities to pass through to and be claimed by their owners, and to likewise expand the definition of individual taxpayer to include the individual owners of these pass-through entities; to amend the release date for unaccounted scholarship funds from September o May 15 of each school year; to amend the reporting period for scholarship granting organizations from a calendar year to a school year; and to provide a retroactive effective date.