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House Co-Sponsorship Memoranda
House of Representatives
Session of 2015 - 2016
Regular Session
MEMORANDUM
| Posted: | April 29, 2015 04:22 PM |
|---|---|
| From: | Representative Warren Kampf |
| To: | All House members |
| Subject: | Basic Needs Tax Credit |
In the near future, I plan to re-introduce legislation amending the Tax Reform Code to provide a tax credit to private business entities that invest and contribute to nonprofit organizations that provide basic needs services. This new tax credit will permit existing nonprofit organizations to seek state approval to receive contributions from business entities. In turn for its contribution or donation, the business entity is able to claim a tax credit in an amount that does not to exceed 50% of its total qualified contributions or $100,000 annually. Additionally, the aggregate amount of tax credits approved by the Commonwealth under my legislation will be capped at $10 million per fiscal year. This new tax credit is intended to provide additional funding to basic needs services organizations that provide medical care, food, clothing, child care, adult care, shelter, or other assistance that is reasonably necessary to meet an individual’s immediate basic needs. If you have questions concerning this legislation, please contact Joni Mitchell at jmitchel@pahousegop.com. Thank you for your consideration of this matter. |
Introduced as HB1791