Title 6, TITLE 6. TAXATION
297 chapters · 4,481 sections in this title.
Ind. Code § 6-3.1-35.8-1 Definitions
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Sec. 1. (a) As used in this chapter, "foster care" means living in a place licensed under IC 31-27. (b) As used in this chapter, "person" means an individual, a corporation, a limited liability company, a partnership, or another legal entity. (c) As used in this chapter, "qualify…
Ind. Code § 6-3.1-35.8-2 Eligible persons
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Sec. 2. A person who makes a qualifying contribution or makes a monetary contribution to a qualifying foster care organization shall receive a tax credit as provided in section 3 of this chapter. As added by P.L.165-2021, SEC.91. Amended by P.L.97-2023, SEC.2.
Ind. Code § 6-3.1-35.8-3 Amount of credit; pass through entities
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Sec. 3. (a) Subject to the limitations provided in subsection (b) and sections 5 and 6 of this chapter, the department shall grant a tax credit against any state tax liability due equal to fifty percent (50%) of a qualifying contribution or of the amount of the monetary contribut…
Ind. Code § 6-3.1-35.8-4 Application process; proof of payment; approval of a qualified
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foster care organization Sec. 4. (a) Any business firm or person that desires to claim a tax credit as provided in this chapter shall file with the department, in the form that the department may prescribe, an application stating the amount of the contribution or investment that …
Ind. Code § 6-3.1-35.8-5 Annual aggregate credit limit
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Sec. 5. (a) The amount of tax credits allowed under this chapter may not exceed two million dollars ($2,000,000) for the period beginning July 1, 2021, through December 31, 2023. (b) The amount of tax credits allowed under this chapter may not exceed two million dollars ($2,000,0…
Ind. Code § 6-3.1-35.8-6 Unused credits
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Sec. 6. A tax credit shall be allowable under this chapter only for the taxable year of the taxpayer in which the contribution qualifying for the credit is paid. A taxpayer is not entitled to a refund of any unused credit. As added by P.L.165-2021, SEC.91.
Ind. Code § 6-3.1-35.8-6.1 Information posted by the department
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Sec. 6.1. The department shall provide the following information on the department's website: (1) The application for the tax credit provided in this chapter. (2) A timeline for receiving the credit provided in this chapter. (3) The total amount of credits awarded under this chap…
Ind. Code § 6-3.1-35.8-7 Applicable tax years
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Sec. 7. This chapter applies to taxable years beginning after December 31, 2021. As added by P.L.165-2021, SEC.91.
Ind. Code § 6-3.1-35.8-8 Expiration
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Sec. 8. This chapter expires January 1, 2028. As added by P.L.165-2021, SEC.91. Amended by P.L.97-2023, SEC.7.