Sec. 9. If a pass through entity is entitled to a credit under section 8 of this chapter but does not have state tax liability against which the tax credit may be applied, a shareholder, partner, member, or beneficiary of the pass through entity is entitled to a tax credit equal to:

(1) the tax credit determined for the pass through entity for the taxable year; multiplied by

Terms Used In Indiana Code 6-3.1-36-9

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • state tax liability: means a taxpayer's total tax liability that is incurred under:

    Indiana Code 6-3.1-36-5

  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(2) the percentage of the pass through entity’s distributive income to which the shareholder, partner, member, or beneficiary is entitled.

As added by P.L.135-2022, SEC.19.

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