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IN SB0235
Bill
Status
1/3/2018
Primary Sponsor
Ronnie Alting
Click for details
AI Summary
SB 235 Summary
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Creates an adjusted gross income tax credit equal to 50% of charitable contributions made to Indiana public elementary/secondary schools or public school foundations.
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Limits individual taxpayer credits to $1,000 for single returns or $2,000 for joint returns in any taxable year.
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Limits corporate taxpayer credits to the greater of 10% of the corporation's total adjusted gross income tax liability or $10,000 per taxable year.
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Credit cannot exceed the taxpayer's total adjusted gross income tax liability after applying all other available credits.
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Effective January 1, 2019, and applies to taxable years beginning after December 31, 2018, with the provision expiring December 31, 2021.
Legislative Description
Tax credit for education contributions. Provides for an adjusted gross income tax credit for donations to: (1) a public elementary school or public secondary school; or (2) 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
Senator Tallian added as coauthor
2/5/2018