Authorizes tax credits for contributions to qualified law enforcement foundations supporting local law enforcement units.
The bill allows taxpayers to claim tax credits for contributions to qualified law enforcement foundations, which are nonprofit organizations supporting local law enforcement units. Contributions can be cash, stock, bonds, or other marketable securities. The bill sets limits on the amount of tax credits a taxpayer can claim based on their filing status and income. Contributions must be preapproved by the Department of Revenue, and the total amount of tax credits allowed per year is capped at $75 million.
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