Sec. 25. (a) Notwithstanding any other law and except as provided in subsection (b), a taxpayer is entitled to receive a credit under this chapter only for a qualified investment made before January 1, 2020.

     (b) A taxpayer is entitled to receive a credit for a qualified investment made after December 31, 2019, and before January 1, 2030, if the taxpayer is awarded a credit under:

Terms Used In Indiana Code 6-3.1-11-25

  • 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
  • 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
  • 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
(1) an application approved by the corporation before January 1, 2020; or

(2) an agreement entered into by the taxpayer and the corporation before January 1, 2021.

     (c) This section may not be construed to prevent a taxpayer from carrying an unused tax credit attributable to a qualified investment made before January 1, 2020, or made as provided in subsection (b) forward to a taxable year beginning after December 31, 2019, and before January 1, 2030, in the manner provided for by section 17 of this chapter.

     (d) This chapter expires January 1, 2030.

As added by P.L.158-2019, SEC.10.

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