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 North  Dakota Qualified  Endowment   A  credit  is  allowed  for  making  a   The  credit  is  equal  to  40%  of  the   N.D.  Cent.  Code    §57-­‐38-­‐ Credit charitable  gift  to  a  qualified   charitable  gift.  The  maximum  credit   01.21(2)   endowment. that  may  be  claimed  for  charitable   gifts  made  in  a  taxable  year  is   $10,000  for  an  individual  or  $20,000   for  married  individuals  filing  a  joint   return.  The  credit  may  not  exceed   the  taxpayer's  income  tax  liability.  .A   charitable  gift  used  as  the  basis  for   claiming  this  credit  may  not  be  used   as  the  basis  for  the  claim  of  a  credit   under  any  other  provision.   Oklahoma Energy  Conservation   Any  person  or

under  any  other  provision.   Oklahoma Energy  Conservation   Any  person  or  corporation  may   Income  tax  credit  against  the  state   Okla.  Stat.  Revenue  &   Assistance  Fund  credit   contribute  monies  to  the  Energy   personal  or  corporate  income  tax   Taxation  68  §  2357.6   (repealed)   Conservation  Assistance  Fund.     liability  of  fifty  percent  (50%)  of  the   (2010)  Repealed  by  Laws   amount  contributed  to  the  fund  for   2013,  c.  363,  §  4,  eff.   the  taxable  year  in  which  it  was   January  1,  2014)   made. Oklahoma Credit  for  contributions   Contributions  made  by   50%  of  the  contribution,  capped  at   Okla.  Stat.  §  2357.206(B) to  scholarship-­‐granting   individuals  or  corporations  to  a   $1,000  ($2,000  for  joint  filers).    If   organizations scholarship-­‐granting   total  annual  credits  exceed  $1.75   organization million  (either  for  individuals  and   married  filers  or  for  all  other  filers),   the  credit  allowed  will  be  adjusted   to  a  percentage  of  total  credits  

llowed  will  be  adjusted   to  a  percentage  of  total  credits   earned. Oklahoma Credit  for  contributions   Contributions  by  individuals  or   50%  of  the  contribution,  capped  at    Okla.  Stat.  §  2357.206(C) to  educational   corporations  to  an  educational   $1,000  ($2,000  for  joint  filers).    If   improvement  grant   improvement  grant  organization total  credits  claimed  annually   organizations exceed  $1.5  million  annually,  the   credit  allowed  will  be  adjusted  to  a   share  of  $1.5  million.   Oregon Credit  for  contributions   A  credit  is  available  for  amounts   The  credit  is  100%  of  contributions   Or.  Rev.  Stat.    §315.675   to  Trust  for  Cultural   contributed  to  the  Trust  for   to  the  Account  that  are  matched  by   Development  Account Cultural  Development  Account. an  equal  contribution  to  an  Oregon   cultural  organization.  The  credit  is   limited  to  the  lesser  of  the   taxpayer's  tax  liability  or  $500   ($1000  for  joint

taxpayer's  tax  liability  or  $500   ($1000  for  joint  filers). Oregon University  research  tax   State  public  universities  are   the  total  amount  of  the  credit   Or.  Rev.  Stat.    §315.521 incentives authorized  to  establish  venture   allowed  to  a  taxpayer  must  equal   development  funds  to  provide   60%  of  the  contribution  amount   capital  grants  for   stated  on  the  tax  credit  certificate,   entrepreneurial  programs  and   but  may  not  exceed  $600,000.  The   “proof  of  concept”  funding  for   credit  allowed  under  this  section  in   commercially  viable  products   any  one  tax  year  may  not  exceed   and  services. the  tax  liability  of  the  taxpayer  for   the  tax  year. Oregon Oregon  Capital   A  taxpayer  is  allowed  a  credit  for   A  taxpayer  is  allowed  a  credit  for   Or.  Rev.  Stat.    §315.504.   Corporation  Investment   20%  of  direct  cash  investment  in   20%  of  direct  cash  investment  in  the   Repealed  Jan.  1,  2006. Credit  (repealed) the  Oregon  Capital  Corporation. Oregon  Capital  Corporation.  Not   more  than  50%  of  the  tax  credit  can  

more  than  50%  of  the  tax  credit  can   be  claimed  in  the  tax  year  in  which   the  investment  is  made.    In  any  one   year,  the  tax  credit  cannot  exceed   the  taxpayer's  tax  liability.

State Title  of  Credit Description Amount  of  Credit Statute Oregon Child  Care  Contribution   Contribution  to  the  Child  Care   50%  of  contribution  (capped   Or.  Rev.  Stat.    §  315.213.   Tax  Credit   Contribution  Tax  credit   statewide  at  $500,000) program,  used  to  financially   support  improvements  for  child   care  businesses.   Oregon Credit  for  payments   Credit  is  available  to  Employers   50%  of  disbursements  from  the   Or.  Rev.  Stat.    §  315.237.   made  to  qualified   that  fund  scholarship  programs   employer's  scholarship  program   scholarship  programs for  employees  and  dependents   (capped  at  $50,000  per  employee,   Rhode  Island Credit  for  Contributions   Rhode  Island  provides  a  credit   Tax  credits  are  worth  75  percent  of   R.I.  Gen.  Laws  §  44-­‐62-­‐1   to  Scholarship   for  donations  to  Scholarship   the  contribution,  or  90  percent  if   Organizations Granting  Organizations  (SGOs),   donated  for  two  consecutive  years   nonprofits  that  provide  private   and  the  second  year’s  donation  is   school  scholarships.   worth  at  least  80  percent  of  the  first  

ool  scholarships.   worth  at  least  80  percent  of  the  first   year’s  donation.  Each  donor  can   receive  only  $100,000  in  tax  credits   each  year,  and  cannot  use  surplus   donations  in  one  year  to  generate   tax  credits  in  future  years. South  Carolina Credit  for  qualified   Qualified  contribution  by   100%  of  a  qualified  contribution,   S.C.  Code  Ann.  §  12-­‐6-­‐ contribution  to  Industry   taxpayer  (individual  or   limited  to  $2  million  annually  per   3585 Partnership  Fund.   corporate)  to  the  Industry   taxpayer  ($6  million  state-­‐wide).   Partnership  Fund  at  the  South   Carolina  Research  Authority   (SCRA)  or  an  SCRA-­‐designated   affiliate. South  Carolina Credit  for  qualified   Qualified  contribution  by   25%  of  a  qualified  contribution. S.C.  Code  Ann.  §  12-­‐6-­‐ contribution  to  South   taxpayer  (individual  or   3630 Carolina  Hydrogen   corporate)  to  the  South  Carolina   Infrastructure   Hydrogen  Infrastructure  

Carolina  Hydrogen   corporate)  to  the  South  Carolina   Infrastructure   Hydrogen  Infrastructure   Development  Fund  [for   Development  Fund. taxable  years  beginning   after  2007  and  before   2012] South  Carolina Qualified  Conservation   Donations  of  land  or  qualified   25%  of  the  total  amount  of  the   S.C.  Code  Ann.  §  12-­‐6-­‐ Contribution  Credit property  interests  (conservation   federal  deduction  claimed;  capped   3515 easement)  for  purposes  of   at  $250/acre  and  $52,500  per   conservation taxpayer  per  year  (when  combined   with  all  other  tax  credits).   South  Carolina Educational  Credit  for   Individuals  and  businesses  are   Taxpayers  can  claim  a  credit  up  to   Proviso  109.11,  State   Exceptional  Needs   awarded  a  tax  credit  for   60  percent  of  their  total  tax  liability   Fiscal  Year  2017-­‐2018   Children contributions  to  nonprofit   for  a  given  year;  annual  statewide   Appropriations  Act,  2017   scholarship  funding   cap  of  $11  million.   S.C.  Acts  97.   organizations    dedicated  to   providing  scholarships  to   children  with  exceptional  needs Utah Credit  for  ABLE  account   Contributions  by  individuals,   5%  of  contributions

 exceptional  needs Utah Credit  for  ABLE  account   Contributions  by  individuals,   5%  of  contributions Utah  Code  Ann.  §  59-­‐10-­‐ contributions  [effective   estates  and  trusts  to  accounts   1035   for  tax  years  starting  on   set  up  under  the  Achieving  a   or  after  January  1,  2016] Better  Life  Experience  (ABLE)   Savings  Account  program,  which   allows  states  to  establish  tax-­‐ advantaged  savings  accounts  for   certain  individuals  with   disabilities  for  their  disability-­‐ related  expenses.

State Title  of  Credit Description Amount  of  Credit Statute Utah Qualified  sheltered   Contributions  made  by   50%  of  contributions,  to  maximum    Utah  Code  Ann.  §  59-­‐10-­‐ workshop  cash   claimants,  estates  or  trusts  to  a   of  $200/year. 1004 contribution  credit   qualified  nonprofit   rehabilitation  sheltered   workshop  facility  for  the   handicapped  operating  in  Utah   and  certified  by  the  Department   of  Human  Services Virginia Land  Preservation  Tax   Donations  of  conservation  land   40%  of  fair  market  value  of  the   Va.  Code  Ann.  §  58.1-­‐512 Credit or  easements  conveyed  for  the   donation,  capped  at  $100,000  per   purpose  of  agricultural  and   taxpayer  annually,  and  $75  million   forestal  use,  open  space,  natural   statewide.   resource,  and/or  biodiversity   conservation,  or  land,   agricultural,  watershed  and/or   historic  preservation Virginia Food  crop  donation  tax   Donations  of  food  crops  grown   30%  of  the  fair  market  value  of  the   Va.  Code  Ann.    §58.1-­‐ credit