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IN SB0100
Bill
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 $1,000 on single returns or $2,000 on 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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Effective January 1, 2020, applying to taxable years beginning after December 31, 2019
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The enabling section expires December 31, 2022
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
Senator Garten added as second author
1/14/2019