Indiana § 6-3.1-35.8-3 Amount of credit; pass through entities

Indiana Statutes

§ 6-3.1-35.8-3 — Amount of credit; pass through entities

Indiana § 6-3.1-35.8-3

Art. 3.1STATE TAX LIABILITY CREDITS

Ch. 35.8Foster Care Support Tax Credit

This text of Indiana § 6-3.1-35.8-3 (Amount of credit; pass through entities) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 6-3.1-35.8-3 (2026).

Text

(a)Subject to the limitations provided in subsection (b) and sections 5 and 6 of this chapter, the department shall grant a tax credit against any state tax liability due equal to fifty percent (50%) of a qualifying contribution or of the amount of the monetary contribution by a person to a qualifying foster care organization that is approved by the department of child services under section 4(c) of this chapter.

(b)The tax credit which a taxpayer receives under this chapter may not exceed ten thousand dollars ($10,000) for any taxable year of the taxpayer.

(c)If a person that is:

(1)exempt from adjusted gross income tax (IC 6-3-1 through IC 6-3-7) under IC 6-3-2-2.8(2); or

(2)a partnership; does not have any tax liability against which the credit provided by this section may be appli

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(a) Subject to the limitations provided in
subsection (b) and sections 5 and 6 of this chapter, the department shall
grant a tax credit against any state tax liability due equal to fifty percent
(50%) of a qualifying contribution or of the amount of the monetary
contribution by a person to a qualifying foster care organization that is
approved by the department of child services under section 4(c) of this
chapter.
(b) The tax credit which a taxpayer receives under this chapter may
not exceed ten thousand dollars ($10,000) for any taxable year of the
taxpayer.
(c) If a person that is:
(1) exempt from adjusted gross income tax (IC 6-3-1 through IC 6-3-7) under IC 6-3-2-2.8(2); or
(2) a partnership;
does not have any tax liability against which the credit provided by this
section may be applied, a shareholder or a partner of the business firm
is entitled to a credit against the shareholder's or partner's liability
under the adjusted gross income tax.
(d) The amount of the tax credit provided by this section under
subsection (c) is equal to:
(1) the tax credit determined for the business firm for the taxable
year under subsection (a); multiplied by
(2) the percentage of the business firm's distributive income to
which the shareholder or the partner is entitled.
The tax credit provided by this section is in addition to any credit to
which a shareholder or partner is otherwise entitled under this chapter.
However, a business firm and a shareholder or partner of that business
firm may not claim a credit under this chapter for the same qualifying
contribution or monetary contribution to a qualifying foster care
organization.
(e) To apply a credit against the state tax liability of a business firm
or person, the business firm or person must claim the credit on the
annual state tax return of the business firm or person in the manner
prescribed by the department.