Indiana Code 6-3.1-34-17. Requirement that taxpayer enter into agreement with the corporation; applicable credit percentage
(1) The corporation shall require the taxpayer to enter into an agreement with the corporation as a condition of receiving a credit under this chapter.
Terms Used In Indiana Code 6-3.1-34-17
- corporation: refers to the Indiana economic development corporation established under IC 5-28-3, unless the context clearly denotes otherwise. See Indiana Code 6-3.1-34-2
- 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.
- qualified investment: means the amount of the taxpayer's expenditures that are:
Indiana Code 6-3.1-34-7
- qualified redevelopment site: means a vacant or underutilized property in Indiana as determined by the corporation. See Indiana Code 6-3.1-34-6
- 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
(A) prescribe the method of certifying the taxpayer’s qualified investment; and
(B) include provisions that authorize the corporation to work with the department and the taxpayer, if the corporation determines that the taxpayer is noncompliant with the terms of the agreement or the provisions of this chapter, to bring the taxpayer into compliance or to protect the interests of the state.
(3) The corporation shall specify the taxpayer’s expenditures that will be considered a qualified investment.
(4) The corporation shall determine the applicable credit percentage under subsections (b) and (c).
(b) If the corporation determines that a credit should be awarded under this chapter, the corporation shall determine the applicable credit percentage for a qualified investment certified by the corporation. However, and except as provided in subsection (c), the applicable credit percentage may not exceed thirty percent (30%).
(c) The corporation may increase the credit amount by not more than an additional five percent (5%) if:
(1) the qualified redevelopment site is located in a federally designated qualified opportunity zone (Section 1400Z-1 and 1400Z-2 of the Internal Revenue Code); or
(2) the project qualifies for federal new markets tax credits under Section 45D of the Internal Revenue Code.
(d) To be eligible for the credit for a qualified investment, a taxpayer’s expenditures that are considered a qualified investment must be certified by the corporation not later than two (2) taxable years after the end of the calendar year in which the taxpayer’s expenditures are made.
As added by P.L.158-2019, SEC.29. Amended by P.L.154-2020, SEC.27; P.L.135-2022, SEC.16.