IN HB1576

Creates the "Endow Indiana Income Tax Credit" program administered by the Indiana Economic Development Corporation (IEDC), effective January 1, 2018.

Establishes a state income tax credit equal to 25% of endowment gifts made to qualified community foundations for permanent charitable funds in Indiana.

IEDC identifies one statewide lead philanthropic entity (minimum 40 members including community foundations) that awards grants up to $25,000 per qualified community foundation or community affiliate organization, with a dollar-for-dollar funding match requirement.

Sets an annual cap of $6,000,000 in total credits approved per state fiscal year, with 10% reserved for endowment gifts of $30,000 or less and a 5% cap per individual taxpayer.

Allows unused credits to carry forward for five consecutive years, with applications processed chronologically; taxpayers must pre-apply to IEDC before making endowment gifts.