Indiana Schedule Cc-40 Instructions

General Information. Indiana taxpayers are allowed a credit against their Indiana state adjusted gross income tax liability for contributions to eligible colleges and universities or to corporations and foundations organized and operated exclusively for the benefit of any eligible colleges or universities. Note - The payment of tuitions, fees, or room and board are not charitable contributions and do not qualify for this credit.

An individual or fiduciary is allowed a credit of 50 percent of the contribution or $100 (on a single or fiduciary return) or $200 (on a jointly filed return), whichever is less. The corporation's credit is equal to 50 percent of the total amount given during the tax year. However, the credit may not exceed the lesser of: a) 10 percent of the corporation's adjusted gross income tax liability, or b) $1,000. Get Information Bulletin #14 at www.in.gov/dor/3650.htm for more information.