Sec. 5. (a) This section applies to a taxpayer that satisfies the following requirements:

(1) The taxpayer is a benefit corporation (as defined in IC 23-1.3-2-3).

Terms Used In Indiana Code 6-3.1-38.3-5

  • 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.
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(2) The taxpayer employs not more than fifty (50) individuals.

(3) The majority of the taxpayer’s employees are individuals described in section 3(a) of this chapter.

     (b) The amount of the tax credit is determined according to the following:

(1) In the first taxable year for which the credit is claimed with respect to wages paid to a particular employee, an amount equal to thirty percent (30%) of the wages paid to the employee during the taxable year.

(2) In the second taxable year for which the credit is claimed with respect to wages paid to a particular employee, an amount equal to forty percent (40%) of the wages paid to the employee during the taxable year.

(3) In the third and each subsequent taxable year for which the credit is claimed with respect to wages paid to a particular employee, an amount equal to fifty percent (50%) of the wages paid to the employee during the taxable year.

As added by P.L.236-2023, SEC.68.

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