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IN SB0368
Bill
Status
1/10/2019
Primary Sponsor
Ronnie Alting
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AI Summary
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Creates an adjusted gross income tax credit equal to 50% of charitable contributions made to public school foundations or school corporations for education fund or operations fund purposes
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Individual taxpayer credits capped at $1,000 for single filers and $2,000 for joint filers; corporate credits capped at the greater of 10% of adjusted gross income tax liability or $10,000
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Total statewide tax credits limited to $8,500,000 per state fiscal year
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Recipient organizations must certify donations will be used only for permitted education/operations purposes and that no more than 10% of contributions will go toward administrative costs
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Effective July 1, 2019, applying to taxable years beginning after December 31, 2019
Legislative Description
Tax credit for education donations. Provides for an adjusted gross income tax credit for donations to a public school foundation or school corporation. Provides that the maximum individual taxpayer credit is $1,000 in the case of a single return and $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
1/10/2019