Credit; charitable contribution; institutions of higher education;
educational foundations
Sec. 5. (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 institutions of higher education
located within Indiana, to any corporation or foundation organized
and operated solely for the benefit of any such institution of higher
education, or to the associated colleges of Indiana.
(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) For purposes of this section, the term "institution of higher
education" means any educational institution located within Indiana:
(1) which 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) which regularly offers education at a level above the twelfth
grade;
(3) which regularly awards either associate, bachelors, masters,
or doctoral degrees, or any combination thereof; and
(4) which 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.
Last modified: May 28, 2006