Bill Text: IN HB1516 | 2013 | Regular Session | Introduced
Bill Title: Tax credit for donations to schools.
Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: (Introduced - Dead) 2013-01-22 - First reading: referred to Committee on Ways and Means [HB1516 Detail]
Download: Indiana-2013-HB1516-Introduced.html
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.
PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana Constitution) is being amended, the text of the existing provision will appear in this style type, additions will appear in this style type, and deletions will appear in
Additions: Whenever a new statutory provision is being enacted (or a new constitutional provision adopted), the text of the new provision will appear in this style type. Also, the word NEW will appear in that style type in the introductory clause of each SECTION that adds a new provision to the Indiana Code or the Indiana Constitution.
Conflict reconciliation: Text in a statute in this style type or
A BILL FOR AN ACT to amend the Indiana Code concerning
taxation.
(1) a school, public or private, located in Indiana that offers instruction to students in any grade from kindergarten through grade 12;
(2) postsecondary educational institutions located
(3) any corporation or foundation organized and operated solely for the benefit of any
(b) In the case of a taxpayer other than a corporation, the amount
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.
(b) This SECTION expires December 31, 2015.
