| 1 | 1 | | |
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| 2 | 2 | | Introduced Version |
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| 3 | 3 | | SENATE BILL No. 145 |
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| 4 | 4 | | _____ |
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| 5 | 5 | | DIGEST OF INTRODUCED BILL |
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| 6 | 6 | | Citations Affected: IC 6-3-3-5.5; IC 20-26-5-45. |
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| 7 | 7 | | Synopsis: Tax credit for charter school contribution. Authorizes the |
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| 8 | 8 | | governing body of a charter school to establish a charter school |
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| 9 | 9 | | building fund (fund) for the purpose of accepting charitable |
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| 10 | 10 | | contributions to be used to fund one or more capital projects of the |
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| 11 | 11 | | charter school. Provides an individual adjusted gross income tax credit |
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| 12 | 12 | | for contribution to a fund equal to 50% of the aggregate amount of |
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| 13 | 13 | | charitable contributions made by the taxpayer during the taxable year. |
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| 14 | 14 | | Caps the total amount of tax credits provided at $10,000,000. |
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| 15 | 15 | | Effective: Upon passage. |
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| 16 | 16 | | Buchanan |
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| 17 | 17 | | January 8, 2024, read first time and referred to Committee on Tax and Fiscal Policy. |
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| 18 | 18 | | 2024 IN 145—LS 6548/DI 120 Introduced |
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| 19 | 19 | | Second Regular Session of the 123rd General Assembly (2024) |
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| 20 | 20 | | PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana |
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| 21 | 21 | | Constitution) is being amended, the text of the existing provision will appear in this style type, |
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| 22 | 22 | | additions will appear in this style type, and deletions will appear in this style type. |
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| 23 | 23 | | Additions: Whenever a new statutory provision is being enacted (or a new constitutional |
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| 24 | 24 | | provision adopted), the text of the new provision will appear in this style type. Also, the |
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| 25 | 25 | | word NEW will appear in that style type in the introductory clause of each SECTION that adds |
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| 26 | 26 | | a new provision to the Indiana Code or the Indiana Constitution. |
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| 27 | 27 | | Conflict reconciliation: Text in a statute in this style type or this style type reconciles conflicts |
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| 28 | 28 | | between statutes enacted by the 2023 Regular Session of the General Assembly. |
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| 29 | 29 | | SENATE BILL No. 145 |
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| 30 | 30 | | A BILL FOR AN ACT to amend the Indiana Code concerning |
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| 31 | 31 | | taxation. |
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| 32 | 32 | | Be it enacted by the General Assembly of the State of Indiana: |
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| 33 | 33 | | 1 SECTION 1. IC 6-3-3-5.5 IS ADDED TO THE INDIANA CODE |
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| 34 | 34 | | 2 AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE |
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| 35 | 35 | | 3 UPON PASSAGE]: Sec. 5.5. (a) As used in this section, "charter |
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| 36 | 36 | | 4 school building fund" means a charter school building fund |
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| 37 | 37 | | 5 established by the governing board of a charter school under |
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| 38 | 38 | | 6 IC 20-26-5-45. |
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| 39 | 39 | | 7 (b) An individual who makes charitable contributions to a |
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| 40 | 40 | | 8 charter school building fund or funds in a taxable year is entitled |
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| 41 | 41 | | 9 to a credit against adjusted gross income tax for that taxable year. |
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| 42 | 42 | | 10 The amount of the credit is equal to fifty percent (50%) of the |
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| 43 | 43 | | 11 aggregate amount of charitable contributions made by the |
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| 44 | 44 | | 12 taxpayer during the taxable year. |
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| 45 | 45 | | 13 (c) The credit allowed by this section shall not exceed the |
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| 46 | 46 | | 14 amount of the adjusted gross income tax imposed by IC 6-3-1 |
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| 47 | 47 | | 15 through IC 6-3-7 for the taxable year, reduced by the sum of all |
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| 48 | 48 | | 16 credits (as determined without regard to this section) allowed by |
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| 49 | 49 | | 17 IC 6-3-1 through IC 6-3-7. |
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| 50 | 50 | | 2024 IN 145—LS 6548/DI 120 2 |
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| 51 | 51 | | 1 (d) The total amount of credits provided under this section may |
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| 52 | 52 | | 2 not exceed ten million dollars ($10,000,000). |
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| 53 | 53 | | 3 SECTION 2. IC 20-26-5-45 IS ADDED TO THE INDIANA CODE |
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| 54 | 54 | | 4 AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE |
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| 55 | 55 | | 5 UPON PASSAGE]: Sec. 45. (a) The governing body of a charter |
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| 56 | 56 | | 6 school may establish a charter school building fund for the purpose |
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| 57 | 57 | | 7 of accepting charitable contributions to be used to fund one (1) or |
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| 58 | 58 | | 8 more building capital projects of the charter school. The fiscal |
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| 59 | 59 | | 9 officer of the charter school shall administer the fund. |
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| 60 | 60 | | 10 (b) Each fund established under this section must be designated |
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| 61 | 61 | | 11 as the "________ (insert charter school name) school building |
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| 62 | 62 | | 12 fund.". |
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| 63 | 63 | | 13 (c) Money deposited in a charter school building fund must be |
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| 64 | 64 | | 14 used only for the purposes of the fund. |
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| 65 | 65 | | 15 (d) The governing body of a charter school that establishes or |
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| 66 | 66 | | 16 subsequently dissolves a charter school building fund under this |
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| 67 | 67 | | 17 section shall immediately provide certified notice to the |
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| 68 | 68 | | 18 department of state revenue of its establishment or dissolution. |
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| 69 | 69 | | 19 (e) The department of state revenue shall maintain and publish |
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| 70 | 70 | | 20 a list of all charter school building funds established under this |
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| 71 | 71 | | 21 section for purposes of the charter school building fund tax credit |
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| 72 | 72 | | 22 under IC 6-3-3-5.5. |
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| 73 | 73 | | 23 SECTION 3. [EFFECTIVE UPON PASSAGE] (a) IC 6-3-3-5.5, as |
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| 74 | 74 | | 24 added by this act, applies to taxable years beginning after |
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| 75 | 75 | | 25 December 31, 2023. |
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| 76 | 76 | | 26 (b) This SECTION expires July 1, 2028. |
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| 77 | 77 | | 27 SECTION 4. An emergency is declared for this act. |
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| 78 | 78 | | 2024 IN 145—LS 6548/DI 120 |
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