HB 1524 IN
Tax credit for contributions to qualified nonprofits.
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Summary
Provides a state tax credit (credit) for contributions made to a qualified nonprofit organization for taxable years beginning after December 31, 2025. Provides that the amount allowable as a credit in a taxable year is equal to the lesser of: (1) the total amount of the contributions made by the taxpayer to one or more qualified nonprofit organizations; or (2) 50% of the taxpayer's state tax liability. Provides that the maximum amount of credits that may be awarded in a state fiscal year may not exceed $1,000,000.
Sponsor (1)
- Lorissa Sweet Republican · author
Action history (2)
- Jan 21, 2025 Authored by Representative Sweet · lower
- Jan 21, 2025 First reading: referred to Committee on Ways and Means · lower
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