State of Indiana Tax Credit

The Indiana Department of Revenue states:

"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 tax credit of the lesser of:

• 50% of the contribution, -or-
• $100 (on a single or fiduciary return) or $200 (on a jointly filed return)

The corporation’s tax credit is equal to 50% of the total amount given during the tax year. However, the credit may not exceed the lesser of:

• 10% of the corporation’s adjusted gross income tax liability, -or-
• $1,000

To claim your Indiana College Credit with your state tax return:

• File Form CC-40 with your Indiana IT-40.
  • List Indiana Wesleyan University and the 4-digit code: 2700

*For any further information about this credit, contact the Indiana Department of Revenue, Taxpayer Services Division.