SB757: Neighborhood Assistance Act; makes several changes thereto.

Chief Patron

Sen. Walter Stosch (R-12)

Status

Bill is Dead

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Summary

Neighborhood Assistance Act.  Makes several changes to the program including (i) increasing the annual cap for tax credits allowed under the program from $8 million to $12 million, (ii) providing that $1 million of the cap increase would be dedicated for education programs and $3 million for providing grants to private schools for students with disabilities, and (iii) reducing the tax credit percentage for donations made by corporations and individuals from 45% to 40% along with eliminating the restriction placed upon individuals from claiming a tax credit for the donation if a charitable contribution deduction is also taken.

The Department of Education would administer the Schools for Students with Disabilities Fund from which grants would be made to private schools for students with disabilities. The Department would be required to establish an application process for such schools seeking grants from the Fund. The Department would review the application and make a determination of whether to award a grant, based in part on the intended use of grant moneys by the applicant. The Fund would be funded from monetary donations for which the Department would allocate the annual $3 million in tax credits. The Board of Education would be required to establish regulations for the grants program, including regulations for procedures to allocate the $3 million in tax credits in fiscal years in which more than $3 million in monetary donations were made to the Fund.   View Full Text »