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 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.