Taxes, Exemption and Credits - As introduced, during a five-year period, authorizes excise and franchise tax credit for businesses that make monetary contributions to eligible charitable organizations approved by the governor's office of faith-based and community initiatives. - Amends TCA Title 4; Title 56 and Title 67, Chapter 4.

Summary

The bill lets qualifying businesses claim a credit equal to half of their cash donations to certain charities, capped at $5,000 per contribution. It applies to donations made between 2027 and 2031 and is limited to a small number of approved charities. The goal is to encourage private support for nonprofit projects that serve Tennessee residents, especially in designated enhancement counties.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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