FRANKFORT, Ky. (2/20/14) – Senator Jerry P. Rhoads today filed legislation establishing a tax credit for taxpayers who assist in disaster relief or emergency response by providing goods and services of value.
Senate Bill 151 would allow a tax credit of 20 percent of the value of the donated goods or services up to exceed $10,000.
To qualify, the goods or services must be provided by the taxpayer free of charge and at the request or approval of the Commonwealth; any county, city or taxing district within the Commonwealth; any authorized state or local emergency management official, or any authorized law enforcement or fire protection personnel .
“We have been fortunate to have so many citizens and businesses volunteer their services or make donations to assist governmental units and agencies as they struggle to provide services to their citizens during natural disasters,” said Senator Rhoads, D-Madisonville. “This measure would simply offer some tax relief for those taxpayers and a further incentive to help in times of disaster.”
The credit pool available for each fiscal year is limited to $1 million.
The tax credit is nonrefundable, but any amount that is not used may be carried forward to a subsequent taxable year, not to exceed five years.
A taxpayer must apply for the disaster relief credit within 30 days of providing the goods or services.
A disaster under this measure includes damage resulting from flood, tornado, ice storm, earthquake or other natural catastrophe; a riot, invasion or civil disorder; explosion or fire; power failure, energy shortage or transportation emergency, or other similar man-made catastrophe, calamity or emergency.
SB 151 will be considered during the 2014 Session.Senator Rhoads represents the 6th Senatorial District that includes Butler, Hopkins, Muhlenberg and Ohio counties.
Information provided by Senate Democratic Office
© Copyright 2014 SurfKY News Group, Inc. All rights reserved. This material may not be published, broadcast, or rewritten without permission. SurfKY News encourages you to share this story by using one of the social media links below.
|< Prev||Next >|