Tax credit for public school foundation.
Tax credit for public school foundation. Provides a 25% state tax credit for contributions made to a public school foundation for taxable years beginning after December 31, 2025, and before January 1, 2028. Provides that the amount allowable as a credit in a taxable year may not exceed: (1) $1,000 in the case of an individual filing a single return or a corporation; or (2) $2,000 in the case of a married couple filing a joint return. Provides that the maximum amount of credits that may be awarded in a state fiscal year may not exceed $1,000,000.
This bill, HB1544, aims to offer a tax credit for contributions made to a public school foundation. Specifically, it proposes a 25% state tax credit for contributions made from January 1, 2026, to December 31, 2027. The credit is limited to $1,000 for individuals or corporations and $2,000 for married couples filing jointly. Additionally, the total amount of credits awarded in a fiscal year cannot exceed $1,000,000. This bill was introduced on January 21, 2025, and has been referred to the Committee on Ways and Means for further review.
The bill would benefit individuals and corporations who make contributions to public school foundations within the specified time frame, allowing them to reduce their state tax liability. It is designed to incentivize financial support for public schools during the outlined years. The bill is currently in the early stages of the legislative process, having been introduced and referred to the relevant committee.
Key actions so far include its introduction on January 21, 2025, by Representative Robert Heaton, with co-sponsorship from Representatives Carey Hamilton, Dave Heine, and Tonya Pfaff. The bill was then referred to the Committee on Ways and Means for additional consideration.
