Citations Affected: IC 6-3-3-5.
Synopsis: Tax credit for public school contributions. Provides an
income tax credit equal to 50% of charitable contributions made by a
taxpayer to a public school corporation in Indiana. Applies the same
limits to the amount allowable as tax credits for charitable
contributions to public school corporations as are applicable for
charitable contributions to institutions of higher education.
Effective: January 1, 2001 (retroactive).
January 17, 2001, read first time and referred to Committee on Ways and Means.
A BILL FOR AN ACT to amend the Indiana Code concerning
hundred dollars ($200) in the case of a joint return.
(c) In the case of a corporation, the amount allowable as a credit under this section for any taxable year shall not exceed:
(1) ten percent (10%) of such corporation's total adjusted gross income tax under IC 6-3-1 through IC 6-3-7 for such year (as determined without regard to any credits against that tax); or
(2) one thousand dollars ($1,000);
whichever is less.
(d) For purposes of this section, the term "institution of higher education" means any educational institution located within Indiana:
(1) which normally maintains a regular faculty and curriculum and normally has a regularly organized body of students in attendance at the place where its educational activities are carried on;
(2) which regularly offers education at a level above the twelfth grade;
(3) which regularly awards either associate, bachelors, masters, or doctoral degrees, or any combination thereof; and
(4) which is duly accredited by the North Central Association of Colleges and Schools, the Indiana state board of education, or the American Association of Theological Schools.
(e) For purposes of this section, "school corporation" means any public school corporation established under Indiana law. The term includes any school city, school town, school township, consolidated school corporation, metropolitan school district, township school corporation, county school corporation, united school corporation, or community school corporation. The term also includes:
(1) special education cooperatives;
(2) public vocational schools; or
(3) schools for children with disabilities;
established or maintained by two (2) or more school corporations.
(f) The credit allowed by this section shall not exceed the amount of the adjusted gross income tax imposed by IC 6-3-1 through IC 6-3-7 for the taxable year, reduced by the sum of all credits (as determined without regard to this section) allowed by IC 6-3-1 through IC 6-3-7.
(f) (g) Any taxpayer subject to an income tax under the provisions
of IC 6-2.1 as well as under the provisions of
may elect to claim the credit allowed by this section against the income
tax imposed by IC 6-2.1, but in no event shall a credit be claimed
against both such taxes.