The state of Indiana sets aside funding for tax credits for individuals and businesses that wish to support scholarships for eligible students attending qualified private schools. Donors receive a state tax credit equal to fifty-percent (50%) of the amount donated. Because Sagamore Institute is a 501(c)(3) charitable organization, the donation is also eligible for a federal deduction. There is no limit on the amount of tax credits an individual or business can receive. Please consult with a tax professional regarding your unique circumstances because federal deductions vary.
The chart to the right shows some examples of potential tax savings. The federal tax savings are shown in a range because the actual amount depends on the tax bracket of the filer. The federal calculations are based on the assumptions that 100% of the donation amount is listed on Schedule A as a charitable deduction, and that the state/local taxes amount on Schedule A will be reduced by 50% of the donation amount.