§ 6-3-3-5 — Credit; charitable contribution; postsecondary educational institutions; educational foundations

Indiana § 6-3-3-5

• Jurisdiction: Indiana
• Art. 3: STATE INCOME TAXES
• Ch. 3: Credits

Text

(a) At the election of the taxpayer, there shall be
allowed, as a credit against the adjusted gross income tax imposed by
IC 6-3-1 through IC 6-3-7 for the taxable year, an amount (subject to
the applicable limitations provided by this section) equal to fifty
percent (50%) of the aggregate amount of charitable contributions
made by such taxpayer during such year to postsecondary educational
institutions located within Indiana (including any of its associated
colleges in Indiana) or to any corporation or foundation organized and
operated solely for the benefit of any postsecondary educational
institution.
(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 or a corporation or foundation
organized for the benefit of a postsecondary educational institution
that:
(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.
Formerly: Acts 1963(ss), c.32, s.305; Acts 1967, c.201, s.1;
Acts 1969, c.326, s.4; Acts 1971, P.L.64, SEC.8. As amended by Acts
1978, P.L.45, SEC.1; Acts 1981, P.L.77, SEC.10; P.L.20-1984, SEC.4;
P.L.66-1988, SEC.1; P.L.5-1995, SEC.6; P.L.1-2003, SEC.33;
P.L.269-2003, SEC.6; P.L.2-2007, SEC.121.