SB123 Alabama 2017 Session

Sponsors

Session

Regular Session 2017

Title

Accountability Act of 2013, cap on income tax credits increased, credit against utility gross receipts tax liability for donations to scholarship granting organizations created, audits of scholarship granting entities required, Secs. 16-6D-3, 16-6D-4, 16-6D-6, 16-6D-8, 16-6D-9 am'd.

Description

This bill would amend the Alabama Accountability Act of 2013.

This bill would provide further for definitions.

This bill would make income tax credits available to trusts and estates.

This bill would increase the cap on income tax credits for donations to scholarship granting organizations.

This bill would create a credit against utility gross receipts tax liability for donations to scholarship granting organizations.

This bill would establish procedures for claiming a credit against the utility gross receipts tax.

This bill would authorize scholarship granting organizations to assist eligible students with qualifying expenses.

This bill would also require scholarship granting organizations to obtain audited financial statements annually and would require the Department of Revenue, or its agent, to perform an audit of each scholarship granting organization at least triennially.

To amend Sections 16-6D-3, 16-6D-4, 16-6D-6, 16-6D-8, and 16-6D-9, Code of Alabama 1975, relating to Alabama Accountability Act of 2013; to provide further for definitions; to make income tax credits available to trusts and estates; to increase the cap on income tax credits for donations to scholarship granting organizations; to create a credit against utility gross receipts tax liability for donations to scholarship granting organizations; to establish procedures for claiming a credit against the utility gross receipts tax; to authorize scholarship granting organizations to assist eligible students with qualifying expenses; to require scholarship granting organizations to obtain audited financial statements annually; and to require the Department of Revenue or its agent to perform an audit of each scholarship granting organization at least triennially.

Subjects

Education