IN SB0126

Creates a state income tax credit equal to 50% of charitable donations made to 501(c)(3) organizations that operate solely for the benefit of Indiana public elementary or high schools

Caps the credit at $1,000 for single filers and $2,000 for joint filers

Limits corporate taxpayers to the greater of 10% of their total adjusted gross income tax liability or $10,000

Makes the tax credit fully refundable, meaning taxpayers receive payment even if the credit exceeds their tax liability

Applies to taxable years beginning after December 31, 2011, with the enabling section expiring January 1, 2014