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IN SB0234
Bill
AI Summary
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Creates a 50% adjusted gross income tax credit for charitable contributions made to public school foundations established under IC 20-26-5-22.5
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Individual taxpayer credit caps at $1,000 for single filers and $2,000 for joint filers
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Corporate taxpayer credit caps at the greater of 10% of the corporation's total adjusted gross income tax liability or $10,000
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Effective January 1, 2019, applying to taxable years beginning after December 31, 2018
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Credit cannot exceed the taxpayer's total adjusted gross income tax liability after all other credits are applied
Legislative Description
Education foundation tax credit. Provides for an adjusted gross income tax credit for donations to a public school foundation. Provides that the maximum individual taxpayer credit is $1,000 in the case of a single return or $2,000 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.
Last Action
First reading: referred to Committee on Appropriations
1/3/2018