Indiana Code 5-28-6-9. Annual aggregate applicable tax credit limit
(b) For purposes of determining the amount of applicable tax credits that have been certified for a state fiscal year, the following apply:
Terms Used In Indiana Code 5-28-6-9
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(2) An applicable tax credit awarded by the corporation before July 1, 2022, shall be counted toward the aggregate credit limitation under this section.
(3) If an accelerated credit is awarded under IC 6-3.1-26-15, the amount counted toward the aggregate credit limitation under this section for a state fiscal year shall be the amount of the credit for the taxable year described in subdivision (1) prior to any discount.
(c) Notwithstanding subsection (a), if the corporation determines that:
(1) an applicable tax credit should be certified in a state fiscal year; and
(2) certification of the applicable tax credit will result in an aggregate amount of applicable tax credits certified for that state fiscal year that exceeds the maximum amount provided in subsection (a);
the corporation may, after review by the budget committee, certify the applicable tax credit to the taxpayer.
As added by P.L.135-2022, SEC.3. Amended by P.L.201-2023, SEC.85.