Income Tax Credit For Donation To Endowment Fund
| Type | Bill |
|---|---|
| Session | 2017 Regular Session |
| Subjects |
Concerning an income tax credit for charitable contributions to an eligible endowment fund.
Bill Summary:
For income tax years commencing on or after January 1, 2019, but prior to January 1, 2022, the bill allows an individual taxpayer to claim an income tax credit for a contribution of money, securities, or property to an eligible endowment that is equal to 25% of the contribution. An 'eligible endowment fund' is defined in the bill as an endowment fund that is managed in accordance with the 'Uniform Prudent Management of Institutional Funds Act'.
A Colorado charitable organization that receives the credit is required to provide a credit certificate to the taxpayer, who must submit the certificate to the department of revenue along with his or her tax return. The maximum credit an individual may claim for an income tax year is $25,000. Unused credits are not refunded but may be carried forward for up to 5 income tax years. A taxpayer may not claim the credit if he or she claims any other state income tax credit for the same charitable contribution.
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)
Related Documents & Information
| Date | Version | Documents |
|---|---|---|
| 04/17/2017 | PA1 |
| Date | Version | Documents |
|---|---|---|
| 04/20/2017 | SA1 |
| Activity | Vote | Documents |
|---|---|---|
| Refer Senate Bill 17-287 to the Committee on Appropriations. | The motion passed on a vote of 8-5. | Vote summary |
| Activity | Vote | Documents |
|---|---|---|
| Refer Senate Bill 17-287 to the Committee of the Whole. | The motion passed on a vote of 6-1. | Vote summary |
| Activity | Vote | Documents |
|---|---|---|
| Adopt amendment L.001 (Attachment A). | The motion passed without objection. | Vote summary |
| Refer Senate Bill 17-287, as amended, to the Committee on Appropriations. | The motion passed on a vote of 4-1. | Vote summary |
| Date | Calendar | Motion | Vote | Vote Document |
|---|---|---|---|---|
| 04/25/2017 | Third Reading | BILL |
25
AYE
10
NO
0
OTHER
|
Vote record |
| Date | Location | Action |
|---|---|---|
| 05/08/2017 | House | House Committee on Finance Refer Unamended to Appropriations |
| 04/25/2017 | House | Introduced In House - Assigned to Finance + Appropriations |
| 04/25/2017 | Senate | Senate Third Reading Passed - No Amendments |
| 04/24/2017 | Senate | Senate Second Reading Passed with Amendments - Committee |
| 04/20/2017 | Senate | Senate Committee on Appropriations Refer Unamended to Senate Committee of the Whole |
| 04/13/2017 | Senate | Senate Committee on Finance Refer Amended to Appropriations |
| 04/05/2017 | Senate | Introduced In Senate - Assigned to Finance |