Indiana Code 6-3.1-24-11. Pass through entity; eligibility of owners, shareholders, or members for credit
Current as of: 2023 | Check for updates
|
Other versions
Sec. 11. If a pass through entity is entitled to a credit under section 6 of this chapter but does not have state tax liability against which the tax credit may be applied, a shareholder, partner, or member of the pass through entity is entitled to a tax credit equal to:
(2) the percentage of the pass through entity’s distributive income to which the shareholder, partner, or member is entitled.
(1) the tax credit determined for the pass through entity for the taxable year; multiplied by
Terms Used In Indiana Code 6-3.1-24-11
- pass through entity: means :
Indiana Code 6-3.1-24-1
- state tax liability: means a taxpayer's total tax liability that is incurred under:
Indiana Code 6-3.1-24-4
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
If any or all of the tax credit is passed through to a shareholder, partner, or member of a pass through entity, the amount of the tax credit that is passed through to a shareholder, partner, or member of a pass through entity may not be applied against the pass through entity’s state tax liability, nor may the pass through entity assign any unused credit under section 12(b) of this chapter as effective July 1, 2020.
As added by P.L.192-2002(ss), SEC.119. Amended by P.L.158-2019, SEC.13.