Tax Benefits for Hoosiers

Qualify for the Indiana CC-40 tax credit by making a gift to Saint Mary-of-the-Woods College before December 31st!

Indiana taxpayers may take a tax credit of half (50%) of their gift to SMWC. For a joint return, the maximum credit is $200 based on a gift of $400 or more. And for a single return, the maximum credit is $100 based on a gift of $200 or more. The tax credit directly reduces the “bottom line” of your state income tax by reducing the amount you owe in taxes.

For corporations, 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: a) ten percent (10%) of the corporation's adjusted gross income tax liability, or b) the amount of $1,000.

 

Make your gift today!

Saint Mary-of-the-Woods College
1 St Mary of Woods Coll
Saint Mary of the Woods, IN
   47876-1099

To obtain a CC-40 tax form:

  • Pick one up from your public library or local IRS office
  • Or, contact SMWC Office of Advancement at (888) 769-0013 or email dev-smwc@smwc.edu and we'll happily mail the form to you.
Filing a SINGLE return with adjusted gross income of
Federal Tax Bracket
Gift to SMWC Subtract Indiana State Tax Credit Subtract Federal Tax Benefit Equals After Tax Costs of Gift
Less than $7,825
10%
$200
$100
$20
$80
$7,285-$31,850
15%
$200
$100
$30
$70
$31,850-$77,100
25%
$200
$100
$50
$50
$77,100-$160,850
28%
$200
$100
$56
$44
$160,850-$349,700
33%
$200
$100
$66
$34
$349,700+
35%
$200
$100
$70
$30
Filing a JOINT return with adjusted gross income of
Federal Tax Bracket
Gift to SMWC
Subtract Indiana State Tax Credit
Subtract Federal Tax Benefit
Equals After Tax Costs of Gift
Less than $15,650
10%
$400
$200
$40
$160
$15,650-$63,700
15%
$400
$200
$60
$140
$63,700-$128,500
25%
$400
$200
$100
$100
$128,500-$195,850
28%
$400
$200
$112
$88
$195,850-$349,700
33%
$400
$200
$132
$68
$349,700+
35%
$400
$200
$140
$60

This illustration is based on 2007 Tax Rates. The After Tax Cost of Gift is provided to highlight potential tax savings. Individual tax situations vary; please consult your personal tax advisor.

More Information

For further information about this credit, contact:

     Indiana Department of Revenue
     Taxpayer Services Division
     100 N. Senate Avenue IGCN 105
     Indianapolis, IN 46204-2253

     Telephone: (317) 232-2240