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 person or an individual if the qualified contribution is not less than one hundred dollars ($100) and not more than fifty thousand dollars ($50,000).

     (b) The credit provided by this chapter shall only be applied against any state tax liability owed by the taxpayer after the application of any credits that under IC 6-3.1-1-2 must be applied before the credit provided by this chapter.

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.

Terms Used In Indiana Code 6-3.1-18-6

  • qualified contribution: means a contribution to a fund for which a community development corporation 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
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