HB 1516 Summary

• Expands Indiana's tax credit for charitable contributions to include donations to public and private schools offering instruction in kindergarten through grade 12, in addition to existing postsecondary institutions.

• Allows taxpayers to claim a credit equal to 50% of charitable contributions made to eligible schools, with maximum credits of $100 for single filers or $200 for joint filers, and $1,000 for corporations.

• Applies requirements for postsecondary educational institutions (accreditation, faculty, curriculum standards) only to college and university donations, not K-12 school donations.

• Takes effect January 1, 2014 for taxable years beginning after December 31, 2013.