If you file a state income tax return for Indiana, the state will credit up to 50% of your gift to Indiana colleges and universities against any state income taxes due. Download the CC-40 Form and include it with your Indiana tax return.

Individual filers receive a $100 credit for the first $200 contributed; joint filers receive a $200 credit for the first $400 contributed. If you itemize, your contribution may also qualify as a deduction on your federal tax return.

Here is how it works: 

$200 Gift to Huntington University
  Federal  
State Savings Tax % Savings Cost of Gift to HU
$100 15% $30 $70
$100 25% $50 $50
$100 28% $56 $44
$100 33% $66 $34
$100 35% $70 $30
$100 39.6% $79.20 $20.80
 
$400 Gift to Huntington University
  Federal  
State Savings Tax % Savings Cost of Gift to HU
$200 15% $60 $140
$200 25% $100 $100
$200 28% $112 $88
$200 33% $132 $68
$200 35% $140 $60
$200 39.6% $158.40 $41.60
 
Consult your tax or financial advisor for how this strategy will fit into your giving plan.