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

area  or  for  low  and  moderate   state-­‐wide. income  families.     District  of   Farm  to  food  donation   Prior  to  the  repeal  -­‐-­‐  credit  for   Prior  to  the  repeal  -­‐-­‐  50%  of  the   D.C.  Code  Ann.  §  47-­‐ Columbia credit  -­‐-­‐  repealed   food  commodity  donations  to  a   value  of  the  contributions  up  to   1806.14  (repealed) effective  April  7,  2017 District  of  Columbia  food  bank   $2,500  per  taxpayer;  it  the  taxpayer   or  shelter  recognized  as  a  tax   elects  to  claim  the  credit,  a   exempt  organization. charitable  donation  deduction  will   not  be  allowed;  unused  credit  may   be  carried  foward  for  five  years Georgia Credit  for  donation  of   Donation  of  fee-­‐title  lands  or   25%  of  the  fair  market  appraised   Ga.  Code  Ann.  §  48-­‐7-­‐ real  property  for   permanent  conservation   value  (or  the  difference  between  the   29.12   conservation  purposes easements  to  a  government   fair  market  value  and  the  amount   entity  or  qualified  organization. paid  to  the  donor);  not  to  exceed   $500,000;  Statewide  $30  million  per  

$500,000;  Statewide  $30  million  per   year Georgia Tax  credit  for  donations   Donations  to  the  Public   The  lower  of  the  amount  donated  or   Ga.  Code  Ann.  §  48-­‐7-­‐ to  public  schools Education  Innovation  Fund   $1,000  (single  individual  or  HOH),   29.21   Foundation  for  awarding  grants   $2,500  (married  couple  filing   to  public  schools  in  Georgia   jointly),  or  $10,000  (individual  who   (effective  January  2018) is  a  member  of  a  limited  liability   company,  a  shareholder  of  a  S   corporation,  or  a  partner  in  a   partnership;  but  only  on  portion  of   the  income  on  which  the  tax  was   actually  paid  by  the  individual   member  of  the  pass  through   entity).  Capped  at  $5  million   statewide  per  year. Georgia Georgia  Qualified  

llion   statewide  per  year. Georgia Georgia  Qualified   Eligible  private  citizens  and   Corporations  are  limited  to  a  credit   Ga.  Code  Ann.  §  48-­‐7-­‐ Education  Expense  Tax   corporations  receive  tax  credits   worth  75  percent  of  the  its  total   29.16   Credit for  donations  to  Student   income  tax  liability.  Individuals  are   Scholarship  Organizations  (SSOs)   limited  to  a  credit  worth  up  to   who  provide  student   $1,000  for  an  individual,  $2,500  for   scholarships  to  parents  of   a  married  couple,  or  $10,000  for  an   eligible  children  who  plan  to   owner  for  a  pass-­‐through  business   attend  private  schools.    Amount   entity.    Capped  at  $58  million   of  credit  can  be  carried  forward   statewide  per  year.   for  five  years.

State Title  of  Credit Description Amount  of  Credit Statute Hawaii School  Repair  and   Contributions  of  in-­‐kind  services   10%  of  the  value  of  contributions  of   Haw.  Rev.  Stat.    §235-­‐ Maintenance  Credit for  the  repair  and  maintenance   in-­‐kind  services  to  the  Hawaii  school   110.2(a) of  public  schools  in  Hawaii. repair  and  maintenance  fund  for   that  taxable  year.    Credit  is  limited   to  $4,000  in  credits  per  taxpayer,   and  $250,000  in  credits  statewide. Idaho Tax  credit  for   Qualified  cash  contributions  that   50%  of  the  qualified  contributions  to   Idaho  Code    §63-­‐3029A;   contributions  to   taxpayers  make  to  qualified   qualified  educational  entities,   Idaho  Admin.  Rules   educational  entities educational  entities capped  at  the  lesser  of  $500  ($1,000    §35.01.01.705(01)   for  joint  returns)  or  50%  of  the   taxpayer's  total  income  tax  liability   for  the  year.    (For  corporations,   capped  at  lesser  of  $5,000  or

he  year.    (For  corporations,   capped  at  lesser  of  $5,000  or  10%  of   total  income  or  franchise  tax   liability).   Idaho Tax  credit  for   Cash  or  good  donations  a   50%  of  the  amount  contributed,   Idaho  Code    §63-­‐ contributions  to  youth   qualified  youth  or  rehabilitation   limited  to  the  lesser  of  20%  of  the   3029C(1);  Idaho  Admin.   and  rehabilitation   facility  (or  the  facility's   taxpayer's  Idaho  tax  liability  or  $100   Rules    §35.01.01.730(02)   facilities,  centers  for   foundation)  located  in  Idaho,  to   per  taxpayer  ($200  on  a  joint   independent  living,  and   a  qualified  center  for   return). nonprofit  substance   independent  living  in  Idaho,  or   abuse  centers to  a  nonprofit  substance  abuse   center  licensed  by  the  Idaho   department  of  Health  and   Welfare   Illinois Tax  credit  for  affordable   Donation  (money,  securities,  or   50%  of  the  value  of  the  donation 35  Ill.  Comp.  Stat.  Ann.   housing  donations real  or  personal  property)  under   5/214 the  Illinois  Housing   Development  Act  for  the  

the  Illinois  Housing   Development  Act  for  the   development  of  affordable   housing  in  Illinois  is  entitled  to  a   credit. Illinois Invest  in  Kids  Credit A  taxpayer  who  makes   75%  of  the  total  amount  of  qualified   35  Ill.  Comp.  Stat.  Ann.   authorized  contributions  to   contributions  made  by  the  taxpayer   5/224;  35  Ill.  Comp  Stat.   scholarship  granting   during  a  taxable  year,  not  to  exceed   Ann.  40/10 organizations  may  take  a  credit   a  credit  of  $1  million  per  taxpayer.   against  Illinois  income  taxes   The  aggregate  amount  of  all  credits   under  the  Invest  in  Kids  Act  for   the  Illinois  Department  of  Revenue   tax  years  beginning  on  or  after   (Department)  may  award  in  any   January  1,  2018,  and  ending   calendar  year  may  not  exceed  $75   before  January  1,  2023 million. Indiana Credit  for  contributions   Contributions  to  colleges   50%  of  contributions  (not  exceed   Ind.  Code    §6-­‐3-­‐3-­‐5 to  Indiana  institutions  of   located  in  Indiana;  corporations   $100  in  the  case  of  a  single  return  or   higher  education or  foundations  organized  and   $200  in  the  case  of  a

  $100  in  the  case  of  a  single  return  or   higher  education or  foundations  organized  and   $200  in  the  case  of  a  joint  return).     operated  solely  for  the  benefit   Corporations  have  credit  capped  at   of  such  colleges;  and  Associated   the  lesser  of  10%  of  total  adjusted   Colleges  of  Indiana. gross  income  or  $1,000. Indiana Credit  for  contributions   Contributions  made  by  the   50%  of  contributions  (not  exceed   Ind.  Code    §6-­‐3-­‐3-­‐5.1 to  the  21st  Century   taxpayer  during  the  tax  year  to   $100  in  the  case  of  a  single  return  or   Scholars  Program   Indiana's  21st  century  scholars   $200  in  the  case  of  a  joint  return).   [repealed  effective   program  support  fund    Corporations  have  credit  capped  at   January  1,  2017] the  lesser  of  10%  of  total  adjusted   gross  income  or  $1,000.

State Title  of  Credit Description Amount  of  Credit Statute Indiana School  Scholarship  Tax   Donations  to  Scholarship   Tax  credit  worth  50  percent  of   Ind.  Code  §  6-­‐3.1-­‐30.5-­‐7 Credit Granting  Organizations  that   donation.    Statewide  limit  $9.5   provide  vouchers  for  low-­‐ million  in  the  state  fiscal  year   income  students  to  attend   beginning  July  1,  2016,  and  ending   private  schools June  30,  2017. Indiana Neighborhood  assistance   A  neighborhood  assistance  tax   50%  of  the  amount  invested  in  the   Ind.  Code    §6-­‐3.1-­‐9-­‐3   tax  credit credit  is  available  to  a  taxpayer   neighborhood  assistance  program   that:  (1) (limited  to  $25,000) contributes  to  a  tax-­‐exempt   “neighborhood  organization”   performing  community  services   in  an  economically   disadvantaged  area;  (2)  that   provides  neighborhood   assistance,  job  training,  or   education  for  individuals  not   employed  by  the  taxpayer;  (3)   that  provides  community   services  or  crime  prevention   services  in  an  economically  

  services  or  crime  prevention   services  in  an  economically   disadvantaged  area;  or  (4)  that   provides  community  services,   education  or  job  training  to   individuals  who  are  ex-­‐offenders   who  have  completed  the   individuals'  criminal  sentences   or  are  serving  a  term  of   probation  or  parole Indiana Individual  Development   donations  to  Individual   50%  of  the  contribution,  capped   Ind.  Code  §  6-­‐3.1-­‐18-­‐6 Account  Credit Development  Account  Fund statewide  at  $200,000.   Iowa Endow  Iowa  Tax  Credit Contributions  made  to  an   25%  of  the  gift.  For  each  individual,   Iowa  Code  §  15E.305   Endow  Iowa  qualified   capped  at  5%  of  the  statewide  cap.   community  foundation  for  a    Capped  at  $6  million  per  year   permanent  endowment  fund   statewide,  plus  a  percentage  of  the   established  to  benefit  a   tax  imposed  on  the  adjusted  gross   charitable  cause  in  Iowa receipts  from  gambling  games Iowa Charitable  Conservation   Donations  of  qualified  real   50%  of  fair  market  value,  capped  at   Iowa  Code  §  422.11W Contribution  Tax  Credit property  for  conservation   $100,000 purposes Iowa School  Tuition   Contribution  made

tion  Tax  Credit property  for  conservation   $100,000 purposes Iowa School  Tuition   Contribution  made  by  a   65  percent  of  contribution  amount Iowa  Code  §  422.11S Organization  Tax  Credit taxpayer  to  a  school  tuition   organization  (STO) Iowa Farm  to  Food  Donation   Donations  of  food  commodities   15%  of  value,  capped  at  $5,000 Iowa  Code  §  190B.104 Tax  Credit to  Iowa  food  banks