SB1596 amends Tennessee tax law to allow a credit for contributions to eligible charitable organizations.
SB1596 amends Tennessee tax law to allow a credit for contributions to eligible charitable organizations. The credit is equal to fifty percent of the contribution, up to a maximum of $5,000 per qualified business per contribution. To qualify, businesses must contribute to organizations that are exempt from federal income tax, are nonprofit, and have residents of Tennessee comprising at least 50% of their beneficiaries. The credit can be carried forward for up to 25 years.
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