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A School Scholarship Tax Credit is now available for individuals or corporations who donate to scholarship-granting organizations (SGOs), per new legislation (Indiana Code 6-3.1-30.5 and Indiana Code 20-51).
Qualified SGOs will receive funding for scholarships, which will come from private, charitable donations. Those donors (individuals or corporations) who have donated to an SGO approved by the Department of Education will then be eligible to take advantage of a 50 percent credit against their individual or corporation state-tax liability.
While there are no limits to how much a donor can contribute to a qualified SGO, the entire tax credit program cannot award more than $7.5 million in credits per state fiscal year (July 1 – June 30).
|Total Credits Awarded To Date|
|Total amount of credits to be awarded July 1, 2014 – June 30, 2015||$7,500,000|
|Total amount of credits currently awarded as of Nov. 21, 2014||$2,095,425|
|Remaining amount of credits available to be awarded through June 30, 2015||$5,404,575|
Visit the Indiana Department of Education's Web site for more information about how you can:
If you have questions about this program, feel free to e-mail email@example.com