Tax Credit for Gifts to CCSJ
Indiana Tax Credit
This program allows you to redirect your Indiana state and federal tax dollars to support the mission of Calumet College of St. Joseph.
Opportunity
Did you know that the State of Indiana will "split" the cost of any gift you make to Calumet College of St. Joseph?
It's true. The State of Indiana will "split" the cost of any gift you make to CCSJ. Those filing jointly who give a gift of $400 will be credited $200 by the State of Indiana. Likewise, those who file a single tax return will be credited $100 by the state for a gift of $200. You may also be eligible for a federal tax deduction.
The Method
How does it work?
- You send your gift to Calumet College of St. Joseph.
- When you file your Indiana income tax return, you complete and file form CC-40 with your return.
The Results
How do you collect from the State of Indiana?
- If you have a refund due on your Indiana income tax return (before including your gift to CCSJ), the State of Indiana sends you a larger refund - larger by half the amount of your gift to CCSJ.
- If you owe Indiana income tax (before including your gift to CCSJ), you may reduce the balance you owe the State of Indiana by half the amount of your gift to CCSJ.
- If you own a business, the amount of a corporation's credit is equal to fifty percent (50%) of the total amount given during the tax year. However, the credit may not exceed the lesser of: ten percent (10%) of the corporation's adjusted gross income tax liability, or the amount of $1,000.
The Net Cost of your donation to Calumet College of St. Joseph:
Filing Joint |
|
Filing Single |
$16,050 - $65,100*
Taxable Income |
|
$8,025 - $32,550*
Taxable Income |
$400 Gift to CCSJ
- $200 IN Tax Credit Savings
- $60 Federal Tax Savings
$140 Your Net Cost |
$200 Gift to CCSJ
- $100 IN Tax Credit Savings
- $30 Federal Tax Savings
$70 Your Net Cost
|
$65,100 - $131,450*
Taxable Income |
$32,550 - $78,850*
Taxable Income |
$400 Gift to CCSJ
- $200 IN Tax Credit Savings
- $100 Federal Tax Savings
$100 Your Net Cost |
$200 Gift to CCSJ
- $100 IN Tax Credit Savings
- $50 Federal Tax Savings
$50 Your Net Cost |
*This reflects both Federal and State guidelines for 2008.
Please Note: This program only applies to individuals who pay Indiana state taxes.
For More Information Contact:
Calumet College of St. Joseph
Development Office
2400 New York Ave.
Whiting, IN 46394
219-473-4325
877-700-9100 ext, 325
Room 618
development@ccsj.edu
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