This bill creates an income and franchise tax credit for contributions made by
a business entity to a pediatric cancer research institution. The bill requires the
institution to use the contribution exclusively and directly for pediatric cancer
research and defines a “pediatric cancer research institution” as a hospital located
in this state that is actively conducting pediatric cancer research, as certified by the
secretary of health services.
Under the bill, the maximum amount of the credit that an entity may claim in
any taxable year is $2,500,000. If the amount of the credit exceeds the entity’s tax
liability, the entity does not receive a refund, but, instead, may claim the remaining,
unused credit against the entity’s tax liability in subsequent years.
For further information see the state fiscal estimate, which will be printed as
an appendix to this bill
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