FISCAL NOTE

Senate Bill 261 as passed the Senate amends the Alabama Accountability Act of 2013 to: (1) increase the income tax credit an individual or corporate taxpayer may claim for contributions to scholarship granting organizations (SGOs) from 50% of a taxpayer's liability, currently, to 100% of the taxpayer's liability; (2) increase the total annual income tax credit an individual may claim for contributions to SGOs from $50,000, currently, to $100,000; and (3) extends the period for which SGOs must expend scholarship funds to three calendar years. The provisions of this bill could increase utilization of tax credits for SGO contributions which would decrease income tax receipts to the Education Trust Fund by an undetermined amount dependent on the amount of tax credits claimed in excess of the current limits increased by this bill, up to the current total tax credit cap of $30 million annually.