Text: SF02297 Text: SF02299 Text: SF02200 - SF02299 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. NEW SECTION. 279.59 ENRICHMENT FUND.
1 2 1. The board of directors may establish an enrichment fund
1 3 to be utilized by the school district for programs, services,
1 4 and projects which, in the opinion of the board of directors,
1 5 will enhance the quality of educational experience and expand
1 6 opportunities for learning for pupils in the school district.
1 7 The board shall encourage the organization and implementation
1 8 of school fundraising activities and events and promotional
1 9 efforts designed to increase awareness of and contributions to
1 10 the enrichment fund by parents, private businesses and
1 11 foundations, and other private funding sources. The
1 12 enrichment fund shall receive contributions solely from
1 13 private sources rather than through state foundation aid
1 14 pursuant to section 257.16 or any other existing state revenue
1 15 source. The fund shall be established within the office of
1 16 the treasurer of state in an account in the name of the school
1 17 district.
1 18 2. Contributions to the enrichment fund shall be eligible
1 19 for a state personal income tax credit of up to fifty dollars,
1 20 pursuant to section 422.12F, and a corporate income tax
1 21 deduction, pursuant to section 422.35, subsection 14.
1 22 Sec. 2. NEW SECTION. 422.12F ENRICHMENT FUND
1 23 CONTRIBUTION TAX CREDIT.
1 24 The taxes imposed under this division, less the credits
1 25 allowed under sections 422.11B, 422.12, and 422.12B, shall be
1 26 reduced by an enrichment fund contribution tax credit equal to
1 27 the first fifty dollars of annual contributions made to an
1 28 enrichment fund established pursuant to section 279.59. Any
1 29 credit in excess of tax liability is nonrefundable. An
1 30 individual may claim the enrichment fund contribution tax
1 31 credit allowed a partnership, subchapter S corporation, or
1 32 limited liability company. The amount claimed by the
1 33 individual shall be based upon the pro rata share of the
1 34 individual's earnings of the partnership, subchapter S
1 35 corporation, or limited liability company.
2 1 EXPLANATION
2 2 This bill provides for the establishment of an enrichment
2 3 fund by the board of directors of a school district, to be
2 4 utilized by the school district for programs, services, and
2 5 projects which, in the opinion of the board of directors, will
2 6 enhance the quality of educational experience and expand
2 7 opportunities for learning for pupils in the school district.
2 8 The bill provides that the board shall encourage the
2 9 organization, implementation, and promotion of school
2 10 fundraising activities and events to increase awareness of the
2 11 fund and fund contribution levels. The bill provides that the
2 12 fund shall receive contributions solely from private sources,
2 13 deposited into an account established within the office of the
2 14 treasurer of state in the name of the school district. The
2 15 bill additionally provides that contributions to the
2 16 enrichment fund shall be eligible for a state personal income
2 17 tax credit and a corporate income tax deduction.
2 18 LSB 3841XS 77
2 19 rn/jw/5.1
Text: SF02297 Text: SF02299 Text: SF02200 - SF02299 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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