Sec. 6. (a) Subject to the limitations provided in subsection (b) and sections 7, 8, 9, 10, and 11 of this chapter, the department shall grant a tax credit against any
state tax liability due equal to fifty percent (50%) of the amount of a
qualified contribution made in a taxable
year by a
business firm or
person if the qualified contribution is not less than one hundred dollars ($100) and not more than fifty thousand dollars ($50,000).
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Terms Used In Indiana Code 6-3.1-18-6
- business firm: means any business entity authorized to do business in the state of Indiana that has state tax liability. See Indiana Code 6-3.1-18-0.5
- person: means any individual subject to Indiana adjusted gross income tax. See Indiana Code 6-3.1-18-4.3
- qualified contribution: means a contribution to a fund for which a community development corporation or community based organization has received an allocation of tax credits under IC 4-4-28-13. See Indiana Code 6-3.1-18-4.5
- state tax liability: means a taxpayer's total tax liability incurred under:
Indiana Code 6-3.1-18-5
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
As added by P.L.15-1997, SEC.2. Amended by P.L.4-1999, SEC.4; P.L.192-2002(ss), SEC.112; P.L.50-2016, SEC.11; P.L.124-2024, SEC.25.
