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 Delaware Land  &  Historic  Resource   Permanent  gifts  of  land  or   40%  of  the  gift's  appraised  value;   30  Del.  Code  Ann.  §  1804 Conservation  Tax  Credit interest  in  land  to  public   $50,000  per  taxpayer;  Statewide  $1   agencies  and  qualified  private   million  per  year. non-­‐profit  charitable   organizations  for  purposes   of  open  space,  natural  resource,   biodiversity  conservation  or   historic  preservation. Delaware Neighborhood  Assistance   Credit  for  providing   50%  of  the  amount  contributed;   30  Del.  Code  Ann.  §  2004 Credit "neighborhood  assistance"  and   may  not  exceed  $50,000  per   for  making  contribution  to   taxpayer,  per  year  and  no  taxpayer   neighborhood  organizations   can  receive  more  than  $100,000  in   that  provide  neighborhood   tax  credits  during  any  three-­‐year   assistance  in  an  impoverished   period;  capped  at  $500,000/year   area  or  for  low  and  moderate   state-­‐wide. income  families.     District  of   Farm  to

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  §  47-­‐ Columbia credit  -­‐-­‐  repealed   food  commodity  donations  to  a   value  of  the  contributions  up  to   1806.14  (repealed) effective  April  7,  2017 District  of  Columbia  food  bank   $2,500  per  taxpayer;  it  the  taxpayer   or  shelter  recognized  as  a  tax   elects  to 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.