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IN SB0092
Bill
Status
1/3/2019
Primary Sponsor
John Ruckelshaus
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AI Summary
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50% state tax credit for contributions to Indiana public K-12 schools (including charter schools) or public school foundations that are 501(c)(3) nonprofit organizations
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Total annual credit cap phases in over three years: $9.5 million (FY 2019-2020), $12.5 million (FY 2020-2021), and $14 million (FY 2021-2022 and beyond)
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Contributions must be used only for purposes permitted under school education or operations funds, with no more than 10% going to administrative costs
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Unused credits may be carried forward for up to 9 taxable years; no carryback or refund of unused credits allowed
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Schools and foundations must report annually to the department by August 1, including total contributions received and certification of proper fund usage
Legislative Description
Income tax credit for K-12 education contributions. Provides a 50% state tax credit to taxpayers that contribute to a public elementary school or public secondary school located in Indiana or a foundation organized and operated solely for the benefit of an Indiana public school. Sets forth standards that apply to taking the credit and to schools and foundations that receive contributions. Limits the total credits that may be claimed during a state fiscal year using a three year phase in period.
Last Action
First reading: referred to Committee on Education and Career Development
1/3/2019