§ 6-3-2-26 — Deduction for contributions to a regional development authority infrastructure fund

Indiana § 6-3-2-26

• Jurisdiction: Indiana
• Art. 3: STATE INCOME TAXES
• Ch. 2: Imposition of Tax and Deductions

Text

(a) This section applies only to taxable years
beginning after December 31, 2017.
(b) As used in this section, "fund" refers to the regional
development authority infrastructure fund established by IC 36-9-43-9.
(c) Each taxable year, a taxpayer that has made a contribution or gift
to the fund is entitled to a deduction from the taxpayer's adjusted gross
income for the taxable year in an amount equal to the amount of the
federal income tax deduction allowable to the entity under Section 170
of the Internal Revenue Code for the taxable year for the taxpayer's
contribution or gift to the fund.
(d) The deduction provided by subsection (c) for a taxable year may
apply to a contribution or a gift to the fund that was made in a different
taxable year.
(e) If a pass through entity that makes a contribution or gift to the
fund is entitled to the deduction provided by subsection (c) for a
taxable year, a shareholder, partner, fiduciary, or member of the pass
through entity is entitled to an adjusted gross income tax deduction
equal to:
(1) the adjusted gross income tax deduction computed for the pass
through entity for the taxable year; multiplied by
(2) the percentage of the pass through entity's distributive income
to which the shareholder, partner, fiduciary, or member is entitled.

Legislative History

As added by P.L.229-2017, SEC.30.