Bill Text: IN SB0288 | 2010 | Regular Session | Introduced
Bill Title: Tax credit for contributions to K-12 foundations.
Spectrum: Partisan Bill (Democrat 4-0)
Status: (Introduced - Dead) 2010-01-19 - Senator Lanane added as coauthor [SB0288 Detail]
Download: Indiana-2010-SB0288-Introduced.html
Citations Affected: IC 6-3-3-11.
Synopsis: Tax credit for contributions to K-12 foundations. Provides
for an adjusted gross income tax credit for charitable donations to a
charitable organization or educational foundation that is exempt from
federal income taxation under Section 501(c)(3) of the Internal
Revenue Code and organized and operated solely for the benefit of a
public elementary school or public high school located in Indiana.
Provides that the maximum individual taxpayer credit is $1,000 in the
case of a single return or $2,000 in the case of a joint return. Provides
that the maximum corporate taxpayer credit is the greater of 10% of the
corporation's total adjusted gross income tax liability or $10,000.
Makes the credit refundable.
Effective: January 1, 2011.
January 11, 2010, read first time and referred to Committee on Tax and Fiscal Policy.
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A BILL FOR AN ACT to amend the Indiana Code concerning
taxation and to make an appropriation.
(1) A school corporation subject to IC 20.
(2) A special education cooperative (as defined in IC 20-35-5-1(7)).
(b) At the election of the taxpayer, a credit is allowed against the adjusted gross income tax imposed by IC 6-3-1 through IC 6-3-7 for the taxable year. Subject to the limitations provided by this section, the amount allowed is equal to fifty percent (50%) of the total amount of charitable contributions made by the taxpayer during a taxable year to a charitable organization or educational foundation that is:
(1) exempt from federal income taxation under Section
501(c)(3) of the Internal Revenue Code; and
(2) organized and operated solely for the benefit of a public
elementary school or public high school located in Indiana.
(c) 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.
(d) 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 under IC 6-3-1 through IC 6-3-7 for the
taxable year (as determined after applying all other credits
against that tax).
(2) Ten thousand dollars ($10,000).
(e) If the credit allowed by this section exceeds the amount of the
adjusted gross income tax imposed by IC 6-3-1 through IC 6-3-7
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.
(b) This SECTION expires December 31, 2012.
