§7634. Tax rebates, tax credits, or other incentives for donations to local governments
A. Tax rebates, tax credits, or other tax incentives, all hereafter in this Section referred to as incentives, may be allowed for qualified donations made to a local governmental entity for a qualified project or use subject to the following limitations:
(1) A donor shall submit to the financial officer designated by the local governmental entity a written report reasonably documenting the cash, equipment, goods, or services donated for a qualified project or use, including supporting documentation deemed necessary by that officer. Prior to the approval of incentives, the officer shall verify the value of the qualified donation.
(2) The local governmental entity may approve incentives to the donor in an amount as determined by the governing authority of the local governmental entity receiving the donation.
B.(1) The term "qualified donation" shall mean a donation made to a local governmental entity to assist in a qualified project or use as determined by the governing authority of that local governmental entity. The donation may be in the form of cash, equipment, goods, or services.
(2) The term "qualified project or use" shall mean a project or use as determined by the local governmental entity.
(3) The term "incentives" may be applied only to revenue or resources of the local governmental entity.
C. The local governmental entity shall promulgate such ordinances, rules, and regulations necessary to carry out the purposes of this Chapter.
D. The provisions of this Chapter shall apply to verified qualified donations made after July 1, 2014.
Acts 2014, No. 746, §1, eff. June 19, 2014; Acts 2018, No. 513, §1.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.