Rep. Hamilton has filed HB 1019 which would provide a tax credit for donations to public school foundations. It gives taxpayers a credit against their tax liability in an amount equal to 50% of their contribution to a public school foundation. The amount of the credit is capped at $1,000 for single filers, $2,000 for joint filers, and, for corporate filers, the greater of 10% of the corporation’s tax liability or $5,000.
A “public school foundation” is a 501(c)(3) corporation “organized as an Indiana nonprofit corporation for the 8 purposes of providing educational funds for scholarships, 9 teacher education, capital programs, and special programs 10 for school corporations” including a public school foundation incorporated under IC 20-26-5-22.5
As the president of the board of the West Lafayette Schools Education Foundation, I’m not really an objective observer on this one. Sounds like a good idea!