Indiana Code 6-3.1-34-12. Allocation of credit against taxes owed; order; computation
Current as of: 2023 | Check for updates
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Sec. 12. (a) A tax credit that a taxpayer may claim under this chapter shall be applied against taxes owed by the taxpayer in the following order:
(2) Second, against the taxpayer’s insurance premiums tax liability (IC 27-1-18-2) or nonprofit agricultural organization health coverage tax liability (IC 6-8-15) for the taxable year.
(1) First, against the taxpayer’s adjusted gross income tax liability (IC 6-3-1 through IC 6-3-7) for the taxable year.
Terms Used In Indiana Code 6-3.1-34-12
- taxpayer: means any person, corporation, limited liability company, partnership, or other entity that has any state tax liability. See Indiana Code 6-3.1-34-10
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(3) Third, against the taxpayer’s financial institutions tax liability (IC 6-5.5) for the taxable year.
(b) If the tax paid by the taxpayer under a tax provision listed in subsection (a) is a credit against the liability or a deduction in determining the tax base under another Indiana tax provision, the credit or deduction shall be computed without regard to the credit to which a taxpayer may claim under this chapter.
As added by P.L.158-2019, SEC.29. Amended by P.L.154-2020, SEC.25.