Saturday, May 07, 2005

HB 1062: Tax Credit for Business Contributions to Community-Based Mental Retardation Services

H.B. 1062, P.N. 1218 (BOYD) This would create a Tax Credit Program to Support Community-Based Mental Retardation Services Act.
A business firm would be eligible for a tax credit for half the amount (up to $100,000 annually per business firm and not greater than the amount of tax liability) of a contribution to a provider of community-based services for individuals with metal retardation. This credit would increase to 75% of the amount contributed in a second and successive years to such a provider. A total of $20 million in tax credit per fiscal year would be available.

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