57-18 Exhibit - Urging State of New Jersey to Implement Charitable Trust in Lieu of Local Taxes Plan.pdf

State Title  of  Credit Description Amount  of  Credit Statute Maryland Qualified  permanent   Applicable  to  all  taxable  years   25%  of  the  proposed  donation   Md.  Code  Ann.  Tax-­‐Gen.   endowment  fund   beginning  after  December  31,   value;  the  amount  must  be  stated  in   §10-­‐736 donations 2014,  a  taxpayer  can  claim  a   the  credit  certificate  issued  by  the   credit  against  the  state  income   Maryland  Department  of  Housing   tax  equal  to  the  amount  of  25%   and  Community  Development. of  a  proposed  donation  to  a   qualified  permanent   endowment  fund  at  an  eligible   community  foundation. Maryland Preservation  and   An  individual  or,  applicable  to  all   For  any  taxable  year,  the  credit  may   Md.  Code  Ann.  Tax-­‐Gen.   Conservation  Easements taxable  years  beginning  after   not  exceed  the  lesser  of  the  state   §10-­‐723 December  31,  2015,  a  pass-­‐ income  tax  for  that  taxable  year  or   through  entity,  may  claim  a   $5,000. credit  against  the  state  income   tax  for  an  easement  conveyed   to  the  Maryland  Environmental  

tax  for  an  easement  conveyed   to  the  Maryland  Environmental   Trust  or  the  Maryland   Agricultural  Land  Preservation   Foundation  or  the  Department   of  Natural  Resources  for  the   purpose  of  preserving  open   space,  natural  resources,   agriculture,  forest  land,   watersheds,  significant   ecosystems,  viewsheds,  or   historic  properties. Massachusetts Tax  credit  for  qualified   Qualified  donations  of  certified   Refundable  income  tax  credit  equal   Mass.  Gen.  L.  Chapter  62   donation  of  land  to  public   land  to  a  public  or  private   to  50%  of  the  fair  market  value  of   §6(p) or  private  conservation   conservation  agency. the  qualified  donation,  not   agency exceeding  $75,000. Massachusetts Credit  against  taxes   A  taxpayer  making  a  qualified   The  credit  shall  be  equal  to  50%  of   Mass.  Gen.  L.  Chapter  63   imposed  for  qualified   donation  of  certified  land  to  a   the  fair  market  value  of  the  qualified   §38AA donation  of  certified  land   public  or  private  conservation   donation.  The  amount  of  the  credit   to  public  or  private   agency  shall  be  allowed

 land   public  or  private  conservation   donation.  The  amount  of  the  credit   to  public  or  private   agency  shall  be  allowed  a   that  may  be  claimed  by  a  taxpayer   conservation  agency refundable  credit  against  the   for  each  qualified  donation  shall  not   taxes  imposed  by  this  chapter. exceed  $75,000. Massachusetts Low-­‐income  housing  tax   Effective  for  tax  years  beginning   The  total  tax  credit  available  to  a   Mass.  Gen.  L.  Chapter  62   credit on  or  after  January  1,  2017,  the   taxpayer  for  a  qualified  donation  is   §6  l(a);  l(b)(4);  l(c)(1);   low-­‐income  housing  credit  is   equal  to  50%  of  the  donation's  value   l(c)(3) allowed  against  the  personal   as  determined  by  the  Department,   income  tax  for  real  or  personal   which  may  be  increased  to  not  more   property  donated  to  a  tax   than  65%  if  deemed  necessary  for   exempt  nonprofit  organization   the  project's  viability. that  has  control  over  the   purchase,  construction,  or   rehabilitation  of  a  qualified   Massachusetts  low-­‐income   housing  project  and  that  is  a   certified  Massachusetts  

housing  project  and  that  is  a   certified  Massachusetts   Community  Development   Corporation  or  Organization,  or   that  is  determined  to  have  a   history  of  successful   development  of  affordable   housing  projects  in   Massachusetts.

State Title  of  Credit Description Amount  of  Credit Statute Michigan Credit  for  automobiles  Until  December  31,  2011,  a   50%  of  FMV. Mich.  Comp.  Laws  Ann.   donated  for  “Wheels  to   taxpayer  may  claim  a  credit   §206.269 Work”  programs against  the  income  tax  equal  to   50%  of  the  fair  market  value  of   an  automobile  donated  by  the   taxpayer  to  a  qualified   organization  that  intends  to   provide  the  automobile  to  a   qualified  recipient. Michigan Charitable  contributions   Until  December  31,  2011,  a   50%  of  the  charitable  contribution   Mich.  Comp.  Laws  Ann.     credit credit  is  allowed  against  a   made  to  an  eligible  institution. §206.260 taxpayer's  Michigan  personal   income  tax  liability  for   charitable  contributions  made   to  the  following: (1)  Michigan,  under  the  Faxon-­‐ McNamee  Art  in  Public  Places   Act,  of  an  artwork  created  by   the  taxpayer  for  display  in  a   public  place; (2)  the  state  Art  in  Public  Places  

  public  place; (2)  the  state  Art  in  Public  Places   Fund; (3)  a  municipality  in  Michigan  of   an  artwork  created  by  the   personal  effort  of  the  taxpayer   for  display  in  a  public  place; (4)  either  a  municipality  of   Michigan  or  a  nonprofit   corporation  affiliated  with  both   a  municipality  and  an  art   institute  located  in  that   municipality,  of  money  or   artwork,  if  for  benefiting  an  art   institute  located  in  that   municipality; (5)  a  public  library; (6)  a  public  broadcast  station   that  is  not  affiliated  with  an   institution  of  higher  education   located  in  Michigan; (7)  an  institution  of  higher   learning  in  Michigan; (8)  the  Michigan  College

State Title  of  Credit Description Amount  of  Credit Statute Michigan Credit  for  contributions   Until  December  31,  2011,  a   50%  of  the  amount  contributed. Mich.  Comp.  Laws  Ann.     to  community  foundation taxpayer  could  claim  a  credit   §206.261 against  the  Michigan  personal   income  tax  for  50%  of  the   amount  contributed  during  the   tax  years  to  an  endowment  fund   of  a  community  foundation,  up   to  $100  for  taxpayers  other  than   a  resident  estate  or  trust  or   $200  for  a  husband  filing  a  joint   return.  For  a  resident  estate  or   trust,  the  allowable  credit  could   not  exceed  the  lesser  of  10%  of   the  taxpayer's  liability  for  the   tax  year  before  claiming  this   credit  or  $5,000.  For  a  resident   estate  or  trust,  the  credit   amount  could  not  have  been   deducted  in  arriving  at  federal   taxable  income. Michigan Contributions  to  a   Until  December  31,  2011,  a   50%  of  the  amount  contributed. Mich.  Comp.  Laws  Ann.     homeless

Contributions  to  a   Until  December  31,  2011,  a   50%  of  the  amount  contributed. Mich.  Comp.  Laws  Ann.     homeless  shelter,  food   taxpayer  could  claim  a  credit   §206.261 kitchen,  food  bank,  etc.   against  the  Michigan  personal   (homeless  credit) income  tax  for  50%  of  the  sum   of  the  cash  amount  and,  if  the   food  items  were  contributed  in   conjunction  with  a  program  in   which  a  vendor  made  a   matching  contribution  of  similar   items,  the  value  of  those  food   items  contributed  during  the  tax   year  to  a  shelter  for  homeless   persons,  food  kitchen,  food   bank,  or  other  entity,  the   primary  purpose  of  which  was   to  provide  overnight   accommodation,  food,  or  meals   to  persons  who  were  indigent.

State Title  of  Credit Description Amount  of  Credit Statute Mississippi Land  Conservation  Credit an  income  tax  credit  for   The  credit  is  50%  of  the  allowable   Miss.  Code  Ann.    §27-­‐7-­‐ taxpayers  who  donate  land  or   transaction  costs  involved  in  the   22.21   an  interest  in  land  for  specific   donation  that  were  incurred  during   conservation  purposes the  tax  year.      Allowable  transaction   costs  consist  of  appraisal  costs  and   engineering,  surveying,   maintenance,  monitoring,  and  legal   fees,  including  document   preparation,  title  review,  and  title   insurance  costs.  The  credit  is  limited   to  the  lesser  of:  (1)  $10,000  or  (2)   the  tax  liability  for  the  year  reduced   by  the  sum  of  all  other  allowable   credits  except  credits  for

by  the  sum  of  all  other  allowable   credits  except  credits  for  tax   payments.  Any  unused  portion  of   the  credit  may  be  carried  forward   for  10  succeeding  tax  years.  Further,   there  is  a  maximum  limit  on  the   utilization  of  the  credit  of  $10,000   over  the  lifetime  of  the  taxpayer.     Missouri Agricultural  product   Taxpayers  who  contribute  to  the   100%  of  their  contributions Mo.  Rev.  Stat.   utilization  contributor  tax   Missouri  Agricultural  and  Small    §348.430(3)  ;  Mo.  Rev.   credit Business  Development  Authority   Stat.    §348.430(4)    ;Mo.   are  entitled  to  tax  credits Rev.  Stat.    §348.436   Missouri Youth  Opportunities   Taxpayers  that  contribute   30%  of  property  contribution  or  50%   Mo.  Rev.  Stat.    §135.460 Credit property  or  money  to  certain   of  monetary  contribution.  The   public  or  private  programs   credit,