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IN HB1133
Bill
Status
1/7/2019
Primary Sponsor
Carey Hamilton
Click for details
AI Summary
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Creates an adjusted gross income tax credit equal to 50% of charitable contributions made to public school foundations established under IC 20-26-5-22.5
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Individual taxpayers may claim a maximum credit of $2,000 for single returns or $4,000 for joint returns
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Corporate taxpayers may claim a maximum credit of the greater of 10% of their total adjusted gross income tax liability or $10,000
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Credit is refundable, meaning taxpayers receive the excess amount if the credit exceeds their tax liability
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Effective January 1, 2020, applying to taxable years beginning after December 31, 2019
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.
Last Action
Representative Cook added as coauthor
1/14/2019