Delete the title and insert the following:
A BILL FOR AN ACT to amend the Indiana Code concerning education and to make an appropriation.
contribution to a qualifying charitable entity during the taxable
year is entitled, at the election of the taxpayer, to a credit against
the taxpayer's adjusted gross income tax liability for the taxable
year equal to the lesser of:
(1) fifty percent (50%) of the total amount of charitable contributions made by the taxpayer during the taxable year; or
(2) the taxpayer's maximum credit amount for the taxable year determined under subsection (d) or (e), as applicable.
(d) In the case of a taxpayer other than a corporation, the amount allowable as a credit under this section for any taxable year may not exceed:
(1) one thousand dollars ($1,000) in the case of a single return; or
(2) two thousand dollars ($2,000) in the case of a joint return.
(e) In the case of a taxpayer that is a corporation, the amount allowable as a credit under this section for any taxable year may not exceed the greater of the following amounts:
(1) Ten percent (10%) of the corporation's total adjusted gross income tax liability for the taxable year (as determined after applying all other credits against that tax).
(2) Ten thousand dollars ($10,000).
(f) If the credit allowed by this section exceeds the amount of the taxpayer's adjusted gross income tax liability for the taxable year, the excess shall be refunded to the taxpayer. Money is appropriated from the state general fund to make refunds under this section.".
Renumber all SECTIONS consecutively.
(Reference is to ESB 384 as printed February 27, 2012.)