Last legislative session, the SGO program was given an extra $1 million in tax credits, moving our cap from $7.5 to $8.5 million. That’s $2 million more donations in the race. Sounds good, right? We won’t run out of credits before the finish line?
Well, we are monitoring this race closely. We keep track how the SGO tax credits are used month to month, and recently found something interesting: As of earlier this week, we have about $5.7 million in credits remaining for the current tax year. Seems like plenty of gas to get us through calendar year-end, right? When you look at mid-November last year, we had about $5.7 million remaining then, too. What does this mean? Where did the extra million go? It appears that donors and donations have accelerated to the point of absorbing that extra $1 million in tax credits.
If we keep at this pace, we can only guess that credits will run out, and run out sooner than they did last year. Perhaps some donors started the race sooner than last year. Time will tell. It may be a photo finish.