Introduced
by
To make the earnings from the “individual or family development accounts” proposed by House Bill 5027 deductible from state income tax, and also make tax deductible donations to the reserve account of a non-profit organization that creates the such accounts.
Referred to the Committee on Banking and Financial Services
Reported without amendment
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that authorizes a tax credit instead of a tax deduction, and caps the aggregate of all credits statewide at $1 million.
The substitute passed by voice vote
Passed in the House 106 to 0 (details)
To allow a taxpayer who was not an account holder to claim an individual income tax credit equal to 75 percent of the contributions made in the tax year by the taxpayer to a fiduciary organization for “individual or family development accounts” proposed by Senate Bill 640. The credit would not be refundable, meaning it could not exceed tax liability.
Referred to the Committee on Banking and Financial Institutions
Reported without amendment
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described.
The substitute passed by voice vote
Passed in the Senate 37 to 0 (details)
To allow a taxpayer who was not an account holder to claim an individual income tax credit equal to 75 percent of the contributions made in the tax year by the taxpayer to a fiduciary organization for “individual or family development accounts” proposed by Senate Bill 640. The credit would not be refundable, meaning it could not exceed tax liability.
Passed in the House 105 to 0 (details)
To concur with the Senate-passed version of the bill.
