Indiana SB0281 amends the state tax code to establish a tax credit for contributions to a Trump account and revises regional development tax credit.

Indiana SB0281 introduces a state income tax credit for contributions to a Trump account, defined as an account established under Section 530A of the Internal Revenue Code. The credit amount is determined by the lesser of 20% of the contribution, $1,500 for single filers, or the taxpayer's adjusted gross income tax for the year. The bill also revises provisions related to regional development tax credits, including the establishment of a regional economic development initiative endowment pool and the creation of regional development advisory councils.

Indiana SB0281 amends the state tax code to establish a tax credit for contributions to a Trump account and revises regional development tax credit.

Indiana SB0281 introduces a state income tax credit for contributions to a Trump account, defined as an account established under Section 530A of the Internal Revenue Code. The credit amount is determined by the lesser of 20% of the contribution, $1,500 for single filers, or the taxpayer's adjusted gross income tax for the year. The bill also revises provisions related to regional development tax credits, including the establishment of a regional economic development initiative endowment pool and the creation of regional development advisory councils.