Tax Credit for College Donations – With this credit, you may get a state credit and a deduction on your federal tax return. Making a contribution to support your Indiana college of choice could net you up to a $100 (if filing singly) or $200 (if married filing jointly) credit when you file your state tax return. Contributions can include cash and other stuff – like a rare book, artwork or land. You’ll get a bigger bang for your buck if you itemize deductions on your federal tax return. Be sure to keep your receipt/letter from the institution. Read Information Bulletin #14 for state credit details and get more information about claiming itemized deductions from the IRS.