Tax Benefits for Indiana Residents

The state of Indiana believes in its colleges, and it says so in dollars and cents. Indiana residents can receive a state tax credit for their financial support of Goshen College.

The credit totals for half the amount of contributions up to:

  • $400 on a joint return
  • $200 on an individual return
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An Indiana College Credit form (Schedule CC-40) must be filed with the contributor’s income tax return.

In addition to this, you receive a federal charitable income tax deduction if you itemize.

Indiana also offers state tax credit for corporations: 50 percent tax credit for gifts up to $2,000. The credit cannot exceed 10 percent of the corporation’s Indiana adjusted gross income tax liability.