IN HB1389

IEDC administers Endow Indiana program providing grants to lead philanthropic entities and tax credits to taxpayers making endowment gifts to qualified community foundations.

Taxpayers making approved endowment gifts to qualified community foundations receive a tax credit equal to 25% of the gift amount against state income, financial institutions, and insurance premiums taxes.

Lead philanthropic entity must be a statewide nonprofit with at least 40 members including community foundations and must comply with national Council on Foundations standards.

IEDC may approve up to $6,000,000 in total credits per state fiscal year, with maximum 5% of aggregate credits per taxpayer and 10% reserved for endowment gifts of $30,000 or less.

Unused credits may be carried forward for five consecutive taxable years following the year the endowment gift is made; credits cannot be carried back or transferred to other taxpayers.