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SB 141 IN

State tax credit for public school foundation contributions.

IN · session 2022 · Senate · bill

A state bill is a proposed law in a state legislature — separate from the U.S. Congress. Learn more →

Introduced Jan 4, 2022

Latest action (Jan 4, 2022) First reading: referred to Committee on Tax and Fiscal Policy

Summary

Provides a 25% state tax credit for contributions made to a public school foundation for taxable years beginning after December 31, 2022, and before January 1, 2025. Provides that the amount allowable as a credit in a taxable year may not exceed: (1) $1,000 in the case of an individual filing a single return or a corporation; or (2) $2,000 in the case of a married couple filing a joint return. Provides that the maximum amount of credits that may be awarded in a state fiscal year may not exceed $5,000,000.

Sponsors (2)

Action history (2)
  1. Jan 4, 2022 Authored by Senators Buchanan and Houchin · upper
  2. Jan 4, 2022 First reading: referred to Committee on Tax and Fiscal Policy · upper
Subjects
CHARITIES AND CHARITABLE ORGANIZATIONSINCOME TAXES, CreditsSCHOOLS generally (K-12)

Text versions (1)

The published texts of this bill as it moves through the legislature. Each links to the official document on the state legislature site. Data from OpenStates.

  • Introduced Senate Bill (S) · Dec 30, 2021 · PDF

Full text

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