Introduced Version
SENATE BILL No. 145
_____
DIGEST OF INTRODUCED BILL
Citations Affected: IC 6-3-3-5.5; IC 20-26-5-45.
Synopsis: Tax credit for charter school contribution. Authorizes the
governing body of a charter school to establish a charter school
building fund (fund) for the purpose of accepting charitable
contributions to be used to fund one or more capital projects of the
charter school. Provides an individual adjusted gross income tax credit
for contribution to a fund equal to 50% of the aggregate amount of
charitable contributions made by the taxpayer during the taxable year.
Caps the total amount of tax credits provided at $10,000,000.
Effective: Upon passage.
Buchanan
January 8, 2024, read first time and referred to Committee on Tax and Fiscal Policy.
2024 IN 145—LS 6548/DI 120 Introduced
Second Regular Session of the 123rd General Assembly (2024)
PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana
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Additions: Whenever a new statutory provision is being enacted (or a new constitutional
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between statutes enacted by the 2023 Regular Session of the General Assembly.
SENATE BILL No. 145
A BILL FOR AN ACT to amend the Indiana Code concerning
taxation.
Be it enacted by the General Assembly of the State of Indiana:
1 SECTION 1. IC 6-3-3-5.5 IS ADDED TO THE INDIANA CODE
2 AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE
3 UPON PASSAGE]: Sec. 5.5. (a) As used in this section, "charter
4 school building fund" means a charter school building fund
5 established by the governing board of a charter school under
6 IC 20-26-5-45.
7 (b) An individual who makes charitable contributions to a
8 charter school building fund or funds in a taxable year is entitled
9 to a credit against adjusted gross income tax for that taxable year.
10 The amount of the credit is equal to fifty percent (50%) of the
11 aggregate amount of charitable contributions made by the
12 taxpayer during the taxable year.
13 (c) The credit allowed by this section shall not exceed the
14 amount of the adjusted gross income tax imposed by IC 6-3-1
15 through IC 6-3-7 for the taxable year, reduced by the sum of all
16 credits (as determined without regard to this section) allowed by
17 IC 6-3-1 through IC 6-3-7.
2024 IN 145—LS 6548/DI 120 2
1 (d) The total amount of credits provided under this section may
2 not exceed ten million dollars ($10,000,000).
3 SECTION 2. IC 20-26-5-45 IS ADDED TO THE INDIANA CODE
4 AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE
5 UPON PASSAGE]: Sec. 45. (a) The governing body of a charter
6 school may establish a charter school building fund for the purpose
7 of accepting charitable contributions to be used to fund one (1) or
8 more building capital projects of the charter school. The fiscal
9 officer of the charter school shall administer the fund.
10 (b) Each fund established under this section must be designated
11 as the "________ (insert charter school name) school building
12 fund.".
13 (c) Money deposited in a charter school building fund must be
14 used only for the purposes of the fund.
15 (d) The governing body of a charter school that establishes or
16 subsequently dissolves a charter school building fund under this
17 section shall immediately provide certified notice to the
18 department of state revenue of its establishment or dissolution.
19 (e) The department of state revenue shall maintain and publish
20 a list of all charter school building funds established under this
21 section for purposes of the charter school building fund tax credit
22 under IC 6-3-3-5.5.
23 SECTION 3. [EFFECTIVE UPON PASSAGE] (a) IC 6-3-3-5.5, as
24 added by this act, applies to taxable years beginning after
25 December 31, 2023.
26 (b) This SECTION expires July 1, 2028.
27 SECTION 4. An emergency is declared for this act.
2024 IN 145—LS 6548/DI 120