Sec. 16. (a) Subject to entering into an agreement with the corporation under section 19.5 of this chapter and subject to section 21 of this chapter, a taxpayer is entitled to a credit against the taxpayer’s state tax liability for a taxable year if the taxpayer makes a qualified investment as certified by the corporation for that year.

     (b) The amount of the credit to which a taxpayer is entitled is the qualified investment made by the taxpayer and certified by the corporation for a taxable year multiplied by the applicable percentage.

Terms Used In Indiana Code 6-3.1-11-16

  • applicable percentage: means the percentage determined as follows:

    Indiana Code 6-3.1-11-1

  • 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.
  • corporation: refers to the Indiana economic development corporation created under IC 5-28-3 unless the context clearly denotes otherwise. See Indiana Code 6-3.1-11-2.5
  • in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
  • qualified investment: means the amount of the taxpayer's expenditures for rehabilitation of property located within an industrial recovery site. See Indiana Code 6-3.1-11-10
  • state tax liability: means the taxpayer's total tax liability that is incurred under:

    Indiana Code 6-3.1-11-12

  • taxpayer: means any person, corporation, limited liability company, partnership, or other entity that has any state tax liability and that is the owner or developer of an industrial recovery site. See Indiana Code 6-3.1-11-13
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
     (c) The taxpayer may assign any part of the credit that the taxpayer may claim under this chapter. A credit that is assigned under this subsection remains subject to this chapter. If a taxpayer assigns a part of a credit during a taxable year, the assignee may not subsequently assign all or part of the credit to another taxpayer. Nothing in this subsection shall prohibit a taxpayer from making more than one (1) assignment of any part of the credit, but a taxpayer may not assign the same part of a credit more than once.

     (d) Before a credit may be assigned, the taxpayer must notify the corporation of the assignment of the credit in the manner prescribed by the corporation. An assignment of a credit must be in writing, and both the taxpayer and assignee shall report the assignment on the taxpayer’s and the assignee’s state tax returns for the year in which the assignment is made, in the manner prescribed by the department. A taxpayer may not receive value in connection with an assignment under this section that exceeds the value of the part of the credit assigned.

As added by P.L.379-1987(ss), SEC.11. Amended by P.L.8-1996, SEC.10; P.L.204-2016, SEC.22; P.L.74-2020, SEC.8; P.L.154-2020, SEC.14.

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