HB 1277 -- Income Tax: Credit for Gifts to the Poor
Sponsor: Thompson (72)
This bill authorizes a state income tax credit for taxpayers who
make gifts of personal property to persons whose income is below
the federal poverty level.
The tax credit for each gift by a taxpayer is limited to $10,000
per occurrence and is limited to a maximum of $50,000 per tax
year. The credit is not refundable but excesses may be carried
over to the next 4 succeeding tax years.
The Department of Social Services will provide a method for
identifying persons whose incomes are below federal poverty
level and verifying the credit amount.
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Last Updated October 5, 2000 at 11:32 am