Introduced
by
To authorize a refundable income tax credit for an individual who contributes to the “individual or family development account” program proposed by Senate Bill 640, which would establish tax exempt accounts for low income persons or families that could be used by the beneficiary for qualified education, home acquisition or repair, or business start-up expenses.
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 limits the tax credits to an annual cumulative amount of $1.0 million, and makes the tax credit non-refundable.
The substitute passed by voice vote
Passed in the Senate 37 to 0 (details)
To authorize a non-refundable income tax credit for an individual who contributes to the “individual or family development account” program proposed by Senate Bill 640, which would establish tax exempt accounts for low income persons or families that could be used by the beneficiary for qualified education, home acquisition or repair, or business start-up expenses. The aggregate amount of tax credits statewide could not $1 million each year.
Referred to the Committee on Banking and Financial Services
