§ 6-3.1-35.8-1 — Definitions

Indiana § 6-3.1-35.8-1

• Jurisdiction: Indiana
• Art. 3.1: STATE TAX LIABILITY CREDITS
• Ch. 35.8: Foster Care Support Tax Credit

Text

(a) As used in this chapter, "foster care"
means living in a place licensed under IC 31-27.
(b) As used in this chapter, "person" means an individual, a
corporation, a limited liability company, a partnership, or another legal
entity.
(c) As used in this chapter, "qualifying contribution" means a
monetary payment made by a person to the insuring foster youth trust
fund established by IC 31-26-4.5-4.
(d) As used in this chapter, "qualifying foster care organization"
means an organization that meets the following qualifications:
(1) The organization is exempt from federal income taxes under
Section 501(c)(3) of the Internal Revenue Code.
(2) The organization provides:
(A) foster care prevention services and programs as required by
42 U.S.C. 671; or
(B) direct assistance to individuals in the foster care system.
(3) The organization spends at least fifty percent (50%) of its
available revenue on qualified services to Indiana residents.
(4) The organization affirms that it will continue spending at least
fifty percent (50%) of its available revenue on qualified services
to Indiana residents.
(5) The organization provides ongoing qualified services to at
least two hundred (200) Indiana residents.
(e) As used in this chapter, "state tax liability" means the taxpayer's
total tax liability that is incurred under:
(1) IC 6-3-1 through IC 6-3-7 (the adjusted gross income tax); and
(2) IC 6-5.5 (the financial institutions tax);
as computed after the application of the credits that, under IC 6-3.1-1-2, are to be applied before the credit provided by this chapter.
(f) As used in this chapter, "tax credit" means a deduction from any
tax otherwise due under IC 6-3 or IC 6-5.5.

Legislative History

As added by P.L.165-2021, SEC.91. Amended by P.L.97-2023, SEC.1.