Citations Affected:
IC 6-3-3-5.
Synopsis: College contribution tax credit. Increases the maximum
income tax credit for contributions by individuals to Indiana colleges
from $100 to $500 for single returns and from $200 to $1,000 for joint
returns. Increases the maximum income tax credit for contributions by
corporations to Indiana colleges from $1,000 to $2,000.
Effective: January 1, 2002.
January 8, 2001, read first time and referred to Committee on Ways and Means.
A BILL FOR AN ACT to amend the Indiana Code concerning
taxation.
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 two thousand dollars ($1,000); ($2,000);
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) 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) Any taxpayer subject to an income tax under the provisions of
IC 6-2.1 as well as under the provisions of
IC 6-3-1
through
IC 6-3-7
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.