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IN HB1114
Bill
Status
1/4/2018
Primary Sponsor
Carey Hamilton
Click for details
AI Summary
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Establishes an income tax credit for charitable contributions made to public school foundations established under IC 20-26-5-22.5, equal to 50% of donations made during the taxable year.
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Limits individual taxpayer credits to $2,000 for single returns and $4,000 for joint returns per taxable year.
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Limits corporate taxpayer credits to the greater of either 10% of the corporation's total adjusted gross income tax liability or $10,000 per taxable year.
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Makes the credit refundable, with excess credits over tax liability refunded to the taxpayer and funded from the state general fund.
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Effective January 1, 2019, and applies to taxable years beginning after December 31, 2018.
Legislative Description
Income tax credit for donations. Provides for an adjusted gross income tax credit for donations to a public school foundation. Provides that the maximum individual taxpayer credit is $2,000 in the case of a single return and $4,000 in the case of a joint return. Provides that the maximum corporate taxpayer credit is the greater of 10% of the corporation's total adjusted gross income tax liability or $10,000. Makes the credit refundable. Makes an appropriation.
Last Action
Representative Cook added as coauthor
1/11/2018