5557-S2 AAS 3/15/99

5557-S2 AAS 3/15/99

2SSB 5557 - S AMD - 201

By Senators Hargrove, Long and Loveland

ADOPTED 3/15/99

On page 21, beginning on line 3, strike all material down to and including line 29 on page 22 and insert the following:

"NEW SECTION. Sec. 11. A new section is added to chapter 82.04 RCW to read as follows:

(1) In computing tax under this chapter, a credit is authorized for each person equal to fifty percent of approved amounts donated to a HOPE educational financial assistance program under section 13 of this act during the calendar year. The amount of the credit shall not exceed five thousand dollars for any person for any calendar year.

(2) No credit may be taken under this section unless the credit is first approved by the department. Application for the credit shall be made in the form and manner prescribed by rules adopted by the department. Total credits approved by the department for any calendar year under this section and section 12 of this act shall not exceed two hundred fifty thousand dollars.

(3) The credit shall be taken against taxes due for the same calendar year in which the amounts for which credit is claimed were paid. A credit must be claimed by the due date of the last tax return for the calendar year in which the payment is made. No credit may be carried back or forward to a different calendar year.

(4) No credit may be taken under this section for amounts for which a credit is taken under section 12 of this act.

NEW SECTION Sec. 12. A new section is added to chapter 82.16 RCW to read as follows:

(2) No credit may be taken under this section unless the credit is first approved by the department. Application for the credit shall be made in the form and manner prescribed by rules adopted by the department. Total credits approved by the department for any calendar year under this section and section 11 of this act shall not exceed two hundred fifty thousand dollars.

(4) No credit may be taken under this section for amounts for which a credit is taken under section 11 of this act.

NEW SECTION. Sec. 13. A new section is added to chapter 28B.80 RCW to read as follows:

(1) HOPE educational financial assistance programs may be established by private nonprofit organizations and may qualify for the purposes of receiving contributions under sections 11 and 12 of this act upon approval of the board. Educational financial assistance from these programs may be used only for assistance for former street youth who qualify under subsection (2) of this section.

(2) Only former street youth who have been residents of a HOPE center as defined in RCW 74.15.020 and who have received transitional living services as defined in RCW 74.15.020 may apply for and receive educational financial assistance under this section. The educational financial assistance may be used for expenses incurred in conjunction with enrollment in any institution of higher education in the state. Yearly educational financial assistance under this section is limited to an amount equal to the highest yearly undergraduate resident tuition charged by a public institution of higher education within the state, and may only be provided to an individual twice in any four-year period. The assistance shall take into account family and other financial resources available to the individual."

Renumber the sections consecutively and correct any internal references accordingly.