Amount of credit
Sec. 3. A taxpayer is entitled to a credit for a taxable year for each
eligible teacher employed under section 2 of this chapter in an
amount equal to the lesser of:
(1) two thousand five hundred dollars ($2,500); or
(2) fifty percent (50%) of the amount of compensation paid to
the eligible teacher by the taxpayer during the taxable year.
However, the aggregate credits that a taxpayer may receive for a
particular taxable year under this chapter may not exceed the
taxpayer's state income tax liability for that taxable year.
As added by P.L.51-1984, SEC.1.
Last modified: May 28, 2006