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

erty  or  money  to  certain   of  monetary  contribution.  The   public  or  private  programs   credit,  however,  cannot  exceed   authorized  by  the  department  of   $200,000  per  tax  year,  per  taxpayer. economic  development  for   youth  opportunities  and  crime   prevention  are  allowed  a  tax   credit  against  personal  income   tax Missouri Residential  Treatment   Taxpayers  are  allowed  a  credit   50%  of  the  amount  of  an  eligible    Mo.  Rev.  Stat.   Agency  Credit against  personal  income  tax  for   donation    §135.1150(2)(3)  ;  Mo.   an  eligible  donation  made  to  a   Rev.  Stat.   qualified  residential  treatment    §135.1150(2)(5)    ;  Mo.   agency. Rev.  Stat.    §135.1150(3)  ;   Mo.  Rev.  Stat.    §135.1150(6)  ;  Mo.  Rev.   Stat.    §135.1150(8)    ;  Mo.  

Stat.    §135.1150(8)    ;  Mo.   Code  Regs.  13    §35-­‐ 100.010(1)  ;  Mo.  Code   Regs.  13    §35-­‐ 100.010(2)(B)    ;  Mo.  Code   Regs.  13    §35-­‐ 100.010(11)   Missouri Champion  for  Children   Taxpayers  are  allowed  a   50%  of  verified  contributions.  The   Mo.  Rev.  Stat.   Tax  Credit nonrefundable  tax  credit  against   contribution  must  be  at  least  $100.    §135.341(2)  ;  Mo.  Rev.   personal  income  tax  for  verified   The  minimum  amount  of  the   Stat.    §135.341(5)    ,   contributions  to  a  CASA,  child   champion  for  children  tax  credit  is   effective  March  29,  2013. advocacy  center  or  crisis  care   $50.   center.

State Title  of  Credit Description Amount  of  Credit Statute Missouri Developmental  Disability   Taxpayers  are  allowed  a   50%  of  the  amount  of  an  eligible    Mo.  Rev.  Stat.   Care  Provider  Tax  Credit nonrefundable  tax  credit  against   donation.  §135.1180(2)(3)  ;  Mo.   individual  income  tax.  An   Rev.  Stat.    §135.1180(3)    ;   “eligible  donation”  is  a   Mo.  Rev.  Stat.   donation,  which  may  include    §135.1180(5)  ;  Mo.  Rev.   cash,  publicly-­‐traded  stocks  and   Stat.    §135.1180(7) bonds  and  real  estate,  received   from  a  taxpayer  by  an  agency   that  is  used  solely  to  provide   direct  care  services  to  children   who  are  Missouri  residents.  The   amount  of  the  tax  credit  claimed   must  not  exceed  the  amount  of   the  taxpayer's  state  income  tax   liability  in  the  tax  year  for  which   the  credit  is  claimed.     Missouri Credit  for  Donations  to   Taxpayers  are

n  the  tax  year  for  which   the  credit  is  claimed.     Missouri Credit  for  Donations  to   Taxpayers  are  allowed  a  credit   50%  of  the  value  of  donations  of   Mo.  Rev.  Stat.   Local  Food  Pantries against  personal  income  tax  for   cash  or  unexpired  food  to  local  food    §135.647(2);  [Mo.  Rev.   donations  of  cash  or  unexpired   pantries,  to  the  extent  that  such   Stat.    §135.647(3);  Mo.   food  to  local  food  pantries amounts  that  have  been  subtracted   Rev.  Stat.    §135.647(6)   from  federal  taxable  income  are   added  back  in  the  determination  of   Missouri  taxable  income,  up  to  a   maximum  credit  of  $2,500  per   taxpayer. Missouri Maternity  Home  Credit Taxpayers  who  donate  at  least   50%  of  the  donation  Mo.  Rev.  Stat.   $100  to  a  facility  determined  by    §135.600(3)  ;  Mo.  Rev.   the  director  of  public  safety  as  a   Stat.    §135.600(4)    ;  Mo.   maternity  home  are  entitled  to  a  

Stat.    §135.600(4)    ;  Mo.   maternity  home  are  entitled  to  a   Rev.  Stat.    §135.600(8) credit  against  personal  income   tax   Missouri Pregnancy  Resource   Individual  taxpayers,  partners,   50%  of  contributions  made    Mo.  Rev.  Stat.   Center  Credit shareholders  in  S  corporations    §135.630(1)(5)  ;  Mo.  Rev.   doing  business  in  Missouri   Stat.    §135.630(2)  ;  Mo.   subject  to  personal  income  tax   Rev.  Stat.    §135.630(3)    ;   are  entitled  to  a  nonrefundable   Mo.  Code  Regs.  13    §35-­‐ income  tax  credit  against   100.020(1)  ;  Mo.  Code   personal  income  tax  for   Regs.  13    §35-­‐100.020(3)   contributions  made  to  qualified    —Mo.  Code  Regs.  13   pregnancy  resource  centers  §35-­‐100.020(6)  ;  Mo.  

 §35-­‐100.020(6)  ;  Mo.   Code  Regs.  13    §35-­‐ 100.020(12)(B)

State Title  of  Credit Description Amount  of  Credit Statute Missouri Donations  to  Shelters  for   Taxpayers  who  donate  at  least   50%  of  the  donation Mo.  Rev.  Stat.    §135.550  ;   Victims  of  Domestic   $100  to  a  facility  determined  by   Mo.  Code  Regs.  13    §40-­‐ Violence the  director  of  public  safety  as  a   79.010(3)  —Mo.  Code   shelter  for  victims  of  domestic   Regs.  13    §40-­‐79.010(6)  ;   violence  are  entitled  to  a  credit   Mo.  Code  Regs.  13    §40-­‐ against  personal  income  tax;The   79.010(10)(B)     credit  claimed,  however,  must   not  exceed  the  taxpayer's  state   tax  liability  for  the  year  that  the   credit  is  claimed  and  the   maximum  credit  that  may  be   claimed  is  $50,000  per  taxable   year.  Any  unused  credit  may  be   carried  forward  for  four  years.   The  contribution  to  a  shelter  is   defined  to  include  cash,  stocks,  

The  contribution  to  a  shelter  is   defined  to  include  cash,  stocks,   bonds  or  other  marketable   securities  or  real  property   Missouri Innovation  Campus  Tax   A  taxpayer  is  allowed  a   50%  of  the  amount  of  an  eligible   Mo.  Rev.  Stat.   Credit nonrefundable  tax  credit  for   donation  §620.2600(2)(4)  ;  Mo.   donations  to  innovation   Rev.  Stat.    §620.2600(3)  ;   campuses  to  be  used  solely  for   Mo.  Rev.  Stat.   projects  that  advance  learning  in    §620.2600(7)   the  areas  of  science,  technology,   engineering,  and  mathematics.   Innovation  campus  is  an   education  partnership  between   a  Missouri  High  school,  a  4-­‐year   higher  education  institution,  a   business,  and  a  2-­‐year  higher   education  institution. Montana College  Contribution   A  taxpayer  is  allowed  a  tax   10%  of  the  aggregate  amount  of   Mont.  Code  Ann.    §15-­‐30-­‐ Credit credit  in  an  amount  equal  to   charitable  contributions  made  by   2326(1)  

5-­‐30-­‐ Credit credit  in  an  amount  equal  to   charitable  contributions  made  by   2326(1)   10%  of  the  aggregate  amount  of   the  taxpayer  during  the  year  to  a   charitable  contributions  made   foundation  or  a  general  endowment   by  the  taxpayer  during  the  year   fund  of:  (1)  the  Montana  university   to  a  foundation  or  a  general   system  or  any  unit  or  campus  of  the   endowment  fund  of:  (1)  the   Montana  university  system;  (2)  a   Montana  university  system  or   Montana  private  college;  (3)  a   any  unit  or  campus  of  the   Montana  community  college  that  is   Montana  university  system;  (2)   part  of  a  community  college  district;   a  Montana  private  college;  (3)  a   or  (4)  a  tribal  college  located  in   Montana  community  college   Montana.  The  maximum  credit   that  is  part  of  a  community   claimed  is  equal  to  $500  or  the   college  district;  or  (4)  a  tribal   Montana  personal  income  tax   college  located  in  Montana. liability,  whichever  is  less

State Title  of  Credit Description Amount  of  Credit Statute Montana Credit  for  Contributions   Taxpayers  are  entitled  to  a   A  taxpayer  is  allowed  a  tax  credit   Mont.  Code  Ann.    §15-­‐30-­‐ to  Qualified  Endowments   credit  for  contributions  to  a   against  income  taxes  in  an  amount   2328   qualified  endowment  through  a   equal  to  40%  of  the  present  value  of   planned  giving  program.  The   the  aggregate  amount  of  the   credit  expires  December  31,   charitable  gift  portion  of  a  planned   2019. gift  made  by  the  individual  taxpayer   during  the  year  to  any  qualified   endowment.    The  maximum  credit   that  may  be  claimed  by  a  taxpayer   for  contributions  made  from  all   sources  in  a  year  is  $10,000. Montana Credit  for  Providing   Under  the  “credit  for  unlocking    The  amount  of  the  credit  is  $750   Mont.  Code  Ann.    §15-­‐30-­‐ Access  to  State  Lands state  lands  program,”  Montana   ($500  prior  to  January  1,  2016)  for   2380   allows  a  credit  to  taxpayers  who   each  qualified  access  to  state  land   provide  “qualified  access