Bill Text: CT SB00214 | 2014 | General Assembly | Comm Sub


Bill Title: An Act Concerning A Tax Credit For Donations Of Vehicles To Veterans' Organizations.

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2014-03-14 - Favorable Change of Reference, House to Committee on Finance, Revenue and Bonding [SB00214 Detail]

Download: Connecticut-2014-SB00214-Comm_Sub.html

General Assembly

 

Raised Bill No. 214

February Session, 2014

 

LCO No. 1376

 

*_____SB00214VA_FIN031214____*

Referred to Committee on VETERANS' AFFAIRS

 

Introduced by:

 

(VA)

 

AN ACT CONCERNING A TAX CREDIT FOR DONATIONS OF VEHICLES TO VETERANS' ORGANIZATIONS.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 1. (NEW) (Effective July 1, 2014, and applicable to income or taxable years, as the case may be, commencing on or after January 1, 2014) (a) There shall be allowed as a credit against the tax imposed on any taxpayer under chapter 207, 208, 212 or 229 of the general statutes, other than the liability imposed by section 12-707 of the general statutes, in an amount equal to twice the value of any motor vehicle donated to a nonprofit organization serving veterans. For purposes of calculating the credit under this section, the amount of donation shall be based on the fair market value of the motor vehicle, as determined by Kelley Blue Book.

(b) (1) The taxpayer shall claim the credit in the income or taxable year in which it is earned and, if eligible, in the two immediately succeeding years. Any credit not claimed by the taxpayer thereafter shall expire and shall not be refundable.

(2) If the taxpayer is an S corporation or an entity treated as a partnership for federal income tax purposes, the shareholders or partners of such taxpayer may claim the credit. If the taxpayer is a single member limited liability company that is disregarded as an entity separate from its owner, the limited liability company's owner may claim the credit.

This act shall take effect as follows and shall amend the following sections:

Section 1

July 1, 2014, and applicable to income or taxable years, as the case may be, commencing on or after January 1, 2014

New section

VA

Joint Favorable C/R

FIN

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