SB261 Alabama 2022 Session

Sponsors

Session

Regular Session 2022

Title

Schools, failing, scholarships for students assigned to in order to attend another public or nonpublic school, income tax credits for contributions to scholarship granting organizations increased, 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 100 percent of the tax liability of the taxpayer, not to exceed $100,000 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 100 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; 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; and to provide for a retroactive effective date. </p>

Subjects

Education