Establishes a tax credit for contributions to eligible charitable organizations in Tennessee.
This bill amends Tennessee tax law to allow a tax credit for contributions made by qualified businesses to eligible charitable organizations. The credit is equal to fifty percent of the contribution, up to a maximum of $5,000 per business per year. To qualify, organizations must meet specific criteria, including being exempt from federal income tax, being a nonprofit formed under Tennessee law, and having a significant portion of their beneficiaries from certain counties.
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