Skip to main content

Introduced Senate Bill (S)

DIGEST

Foster care program tax credit. Provides a tax credit for a taxpayer that makes a monetary contribution to a qualifying foster care organization. Defines "qualifying foster care organization" as a nonprofit that is engaged in providing foster care in Indiana and is exempt from federal taxation under Section 501 of the Internal Revenue Code. Provides that the department of state revenue (department) shall grant a tax credit against any state tax liability due equal to 50% of the amount of the monetary contribution by a person to a qualifying foster care organization. Provides that the tax credit that a taxpayer Foster care program tax credit. Provides a tax credit for a taxpayer that makes a monetary contribution to a qualifying foster care organization. Defines "qualifying foster care organization" as a nonprofit that is engaged in providing foster care in Indiana and is exempt from federal taxation under Section 501 of the Internal Revenue Code. Provides that the department of state revenue (department) shall grant a tax credit against any state tax liability due equal to 50% of the amount of the monetary contribution by a person to a qualifying foster care organization. Provides that the tax credit that a taxpayer receives may not exceed $100,000 for any taxable year. Provides that the amount of tax credits allowed may not exceed $2,000,000 in the state fiscal year. Provides that to claim a tax credit an application must be filed with the department. Provides that the department shall promptly notify an applicant whether, or the extent to which, the tax credit is allowable in the state fiscal year in which the application is filed. Provides that when the total credits approved equal the maximum amount allowable in any state fiscal year, no application thereafter filed for that fiscal year shall be approved. ... View more