Foster Care Donation Tax Credit
In 2021 the Indiana General Assembly adopted the Foster Care Donation Tax Credit for Indiana taxpayers and qualifying foster care agencies. This credit allows Indiana residents and businesses to claim a credit on their Indiana tax return for approved donations made to The Villages of Indiana. The maximum amount of credit that can be granted is 50% of the donation, up to $10,000 in a tax year.
This is an exciting opportunity for The Villages children and families and our community! As a value add, The Villages would like to offer our generous donors, like you, the support needed to navigate the paperwork process with the Indiana Department of Revenue (IDOR). If you have questions or would like to take advantage of this opportunity, please contact Sarah Cline, Director of Development SCline@villages.org. For all tax related questions, we recommend consulting a tax advisor. The Villages cannot provide tax advice.
Foster Care Tax Credit Application
DOR: Foster Care Donation Tax Credit
Step by Step Process to Claim Credit:
The Indiana Department of Revenue oversees the $2,000,000 available per fiscal year starting July 2021 for approved Foster Care Organizations. The renewal of the $2,000,000 will occur every year until June 30, 2025. The fiscal year schedule is as follows.
- July 1, 2021 – June 30, 2022: $2,000,000
- July 1, 2022 – June 30, 2023: $2,000,000
- July 1, 2023 – June 30, 2024: $2,000,000
- July 1, 2024 – June 30, 2025: $2,000,000