General Assembly Committee Bill No. 5774
January Session, 2013 LCO No. 4363
*04363HB05774KID*
Referred to Committee on CHILDREN
Introduced by:
(KID)
General Assembly
Committee Bill No. 5774
January Session, 2013
LCO No. 4363
*04363HB05774KID*
Referred to Committee on CHILDREN
Introduced by:
(KID)
AN ACT ESTABLISHING A TAX CREDIT FOR SUPPORT OF EXTENDED LEARNING OPPORTUNITY PROGRAMS.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. (NEW) (Effective July 1, 2013, and applicable to income years commencing on or after January 1, 2013) (a) As used in this section:
(1) "Taxpayer" means a person or business entity subject to tax under chapter 207, 208, 212 or 229 of the general statutes;
(2) "Income year" means, with respect to a person or business entity subject to the insurance premiums tax under chapter 207 of the general statutes, the corporation business tax under chapter 208 of the general statutes, the utility companies tax under chapter 212 of the general statutes or the income tax under chapter 229 of the general statutes, the income year as determined under each of said chapters, as the case may be; and
(3) "Extended learning opportunity program" means an extracurricular learning program sanctioned by a local or regional board of education pursuant to section 10-15 of the general statutes that provides academic, artistic, athletic or social education to students beyond normal school hours.
(b) (1) There is established an extended learning opportunity tax credit program whereby a taxpayer may be allowed a credit against the tax imposed under chapter 207, 208, 212 or 229 of the general statutes, other than the liability imposed by section 12-707 of the general statutes.
(2) The tax credit shall be in an amount equal to one hundred per cent of the amount donated by such taxpayer to an extended learning opportunity program, provided (A) the credit shall not exceed fifty thousand dollars for any taxpayer, and (B) the total amount of credits granted to all taxpayers under this section shall not exceed two million dollars in any one fiscal year.
(3) The taxpayer shall claim the credit in the income year in which it is earned. Any credit not claimed by the taxpayer in an income year shall expire and shall not be refundable.
(c) If the taxpayer is an S corporation or an entity treated as a partnership for federal income tax purposes, the tax credit may be claimed by the shareholders or partners of such taxpayer. If the taxpayer is a single member limited liability company that is disregarded as an entity separate from its owner, the tax credit may be claimed by the limited liability company's owner.
(d) For tax credits claimed against the liability imposed by chapter 229 of the general statutes, the amount of the tax credit allowed by this section shall not exceed the amount of tax due from the taxpayer under said chapter, other than section 12-207 of the general statutes.
This act shall take effect as follows and shall amend the following sections:
Section 1 July 1, 2013, and applicable to income years commencing on or after January 1, 2013 New section
This act shall take effect as follows and shall amend the following sections:
Section 1
July 1, 2013, and applicable to income years commencing on or after January 1, 2013
New section
Statement of Purpose:
To provide a tax credit to businesses and individuals that donate to entities providing extended learning opportunities to students.
[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]
Co-Sponsors: REP. CAFERO, 142nd Dist.
Co-Sponsors:
REP. CAFERO, 142nd Dist.
H.B. 5774