Citations Affected: IC 6-3-3-5.
Synopsis: Tax credit for donations to schools. Expands the credit
against adjusted gross income tax available under current law for
charitable contributions to colleges and universities to include
charitable contributions to a school, public or private, that offers
instruction at any grade from kindergarten through grade 12.
Effective: January 1, 2014.
January 22, 2013, read first time and referred to Committee on Ways and Means.
A BILL FOR AN ACT to amend the Indiana Code concerning
allowable as a credit under this section for any taxable year shall not
exceed one hundred dollars ($100) in the case of a single return or two
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) A charitable contribution
in Indiana qualifies for a credit under
this section only if the charitable contribution is made to a
postsecondary educational institution located in Indiana or a
corporation or foundation organized for the benefit of a postsecondary
educational institution that: located in Indiana qualifies for a credit
under this section only if the postsecondary educational institution:
(1) 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) regularly offers education at a level above the twelfth grade;
(3) regularly awards either associate, bachelors, masters, or doctoral degrees, or any combination thereof; and
(4) 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) 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.