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Advancement

Indiana College Tax Credit (Indiana residents)

You could earn a 50 percent state tax credit on annual contributions to Bethel College as an Indiana resident. Gifts up to $400 for joint filers and up to $200 for single filers are eligible for this credit.

This is a credit, not a deduction.

A couple giving $400 to Bethel will receive a $200 credit which can be applied toward Indiana taxes due, or added to a tax refund. If you are in the 25 percent federal tax bracket, and itemize on your Federal tax form, this $400 gift would only cost $100 because of the federal tax reduction. What a wonderful reward for your generosity to Bethel College! A $500 gift welcomes you as a member in the Founders Society. This opportunity would only cost you $175 out of pocket.

Indiana Tax form CC-40 is used for this credit. You can download the tax form, contact the office for institutional advancement (574.807.7111) or go to www.in.gov/dor.

Sample Gift Amounts

  25% Federal Tax Rate 15% Federal Tax Rate
Filing1 Married Single Married Single
Gift to Bethel $400 $200 $200 $100 $400 $200 $200 $100
Indiana Tax Credit -$200 -$100 -$100 -$50 -$200 -$100 -$100 -$50
Federal Tax Savings -$100 -$50 -$50 -$25 -$60 -$30 -$30 -$15
Out of pocket gift cost2 $100 $50 $50 $25 $140 $70 $70 $35

1Married, filing jointly; Single
2Assumes itemizing on federal tax form