45 IAC 3.1-1-87 Limitation on credit for neighborhood assistance

Sec. 87. Limitation of Neighborhood Assistance Credit. The individual or corporation who makes the contribution in the approved program may take a credit of fifty percent (50%) of the amount invested for the taxable year. If the contribution is of a non-monetary nature, the allowable credit will be 50% of the fair market value at the time of the contribution. In no case, however, may the credit exceed $25,000.00. EXAMPLE: F.U.G. Corporation made an $80,000.00 qualified contribution during the taxable year to the G.U.F. Neighborhood Organization, which is a tax exempt organization for Federal and State tax purposes. The allowable Neighborhood Assistance Credit for F.U.G. Corporation is determined as follows: Amount contributed $80,000.00 50% of contribution 40,000.00 Allowable credit 25,000.00* *[The allowable credit is the lesser of $25,000.00 or 50% of the contribution.]