Credit; charitable contribution; twenty-first century scholars
program support fund
Sec. 5.1. (a) At the election of the taxpayer, a credit against the
adjusted gross income tax imposed by IC 6-3-1 through IC 6-3-7 for
the taxable year, is permitted in an amount (subject to the applicable
limitations provided by this section) equal to fifty percent (50%) of
the aggregate amount of contributions made by the taxpayer during
the taxable year to the twenty-first century scholars program support
fund established under IC 20-12-70.1-5.
(b) 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 hundred dollars ($100) in the case of a single return; or
(2) two hundred dollars ($200) in the case of a joint return.
(c) 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 lesser 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 without regard to any credits against that tax).
(2) One thousand dollars ($1,000).
(d) The credit permitted under this section may 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.
As added by P.L.56-1990, SEC.1. Amended by P.L.1-2003, SEC.34;
P.L.269-2003, SEC.7.
Last modified: May 28, 2006