HB559 Alabama 2021 Session

Sponsors

Session

Regular Session 2021

Title

Income tax credits, contributions to scholarship granting organizations further provided for, Sec. 16-6D-9 am'd.

Description

<p class="bill_description"> Under current law, a taxpayer may claim a tax credit in an amount equal to 100 percent of the total contributions the taxpayer made to a scholarship granting organization for educational scholarships during the taxable year for which the credit is claimed, up to 50 percent of the tax liability of the taxpayer, not to exceed $50,000 per taxpayer or a cumulative amount of $30,000,000 annually</p><p class="bill_description"> This bill would allow a taxpayer to claim a tax credit of up to 75 percent of the tax liability of the taxpayer, not to exceed $75,000 per taxpayer or a cumulative amount of $30,000,000 annually</p><p class="bill_description"> Under current law, all scholarship granting organizations must ensure that scholarship funds on hand at the beginning of a calendar year are expended on educational scholarships by the end of the academic year ending within the next succeeding calendar year</p><p class="bill_description"> This bill would require all scholarship granting organizations to ensure that scholarship funds on hand at the beginning of a calendar year are expended on educational scholarships within three calendar years</p><p class="bill_entitled_an_act"> Relating to scholarship granting organizations; to amend Section 16-6D-9 of the Code of Alabama 1975, to allow a taxpayer to claim a tax credit of up to 75 percent of the tax liability of the taxpayer, not to exceed a specified amount, for contributions made to a scholarship granting organization for educational scholarships; and to require a scholarship granting organization to ensure that scholarship funds on hand at the beginning of a calendar year are expended on educational scholarships within three calendar years. </p>

Subjects

Education