The enabling legislation was amended in May 2014. Two important elements were added.
Three Year Donations: One was the 75% tax credit for Year One of a three-year commitment. But that benefit will not be effective until January 1, 2015. Until then there is no additional benefit beyond the 50% tax credits.
Pass Through Business Entities: The other was the treatment of subchapter S corporations and other “pass through business entities” as businesses entitled to the maximum $200,000 contribution. But that benefit will not be effective until January 1, 2015. Until then, these businesses are subject to the individual or family donation ceilings of $2,00 and $4,000 respectively.