SPONSOR: Amato
Currently, the cumulative amount of tax credits which may be allocated to all taxpayers contributing to a local food pantry, local soup kitchen, or local homeless shelter is $1.75 million.
This bill increases the amount to $3 million and extends the sunset from December 31, 2026, to December 31, 2031. The bill also specifies that a taxpayer will not be liable for any penalty or interest if the taxpayer is denied full or partial credit because the cumulative maximum has been reach, as long as the taxpayer pays his or her balance within 60 days of the notice of denial.
This bill is similar to HB 1730 (2024) and HCS HB 653 (2023).
Statutes affected: