Is there a limit to how much I can give and still receive the tax credit?
No, provided the donation does not exceed the available credits under the cap. (The state has allocated $15 million for this fiscal year July 1, 2019 - June 20, 2020. It resets annually on July 1). Click here to see the Total Credits Awarded to Date.
Who receives the scholarships, and can I designate a school or a student to receive my gift?
Indiana K-12 students who meet income eligibility guidelines and attend a participating school. Donors may designate gifts to a specific school, but not to a specific student.
Are there conditions to giving from a Donor Advised Fund?
Granting the credit is subject to two major conditions, both of which must be met. First, the credit can only be granted to the original donor of the funds. Any other individual may not claim the credit. Second, the donor must be willing to be subject to any federal provisions that come along with taking the credit. This includes: Potential exposure to reduced charitable deductions (determined as of when the contribution to the DAF is made) and potential exposure to federal excise taxes, especially those under IRC section 4958.
