Sec. 26. (a) This section applies only to taxable years beginning after December 31, 2017.

     (b) As used in this section, “fund” refers to the regional development authority infrastructure fund established by IC 36-9-43-9.

Terms Used In Indiana Code 6-3-2-26

  • adjusted gross income: shall mean the following:

         (a) In the case of all individuals, "adjusted gross income" (as defined in Section 62 of the Internal Revenue Code), modified as follows:

    Indiana Code 6-3-1-3.5

  • Fiduciary: A trustee, executor, or administrator.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • pass through entity: means :

    Indiana Code 6-3-1-35

  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
     (c) Each taxable year, a taxpayer that has made a contribution or gift to the fund is entitled to a deduction from the taxpayer’s adjusted gross income for the taxable year in an amount equal to the amount of the federal income tax deduction allowable to the entity under Section 170 of the Internal Revenue Code for the taxable year for the taxpayer’s contribution or gift to the fund.

     (d) The deduction provided by subsection (c) for a taxable year may apply to a contribution or a gift to the fund that was made in a different taxable year.

     (e) If a pass through entity that makes a contribution or gift to the fund is entitled to the deduction provided by subsection (c) for a taxable year, a shareholder, partner, fiduciary, or member of the pass through entity is entitled to an adjusted gross income tax deduction equal to:

(1) the adjusted gross income tax deduction computed for the pass through entity for the taxable year; multiplied by

(2) the percentage of the pass through entity’s distributive income to which the shareholder, partner, fiduciary, or member is entitled.

As added by P.L.229-2017, SEC.30.

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