Indiana Code 6-3.1-39.5-14. Maximum aggregate amount of credits
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Sec. 14. (a) The maximum aggregate amount of tax credits allowed under this chapter may not exceed two million five hundred thousand dollars ($2,500,000) in each state fiscal year.
(b) The department shall record the time of filing of each return claiming a tax credit under this chapter and shall approve the tax credits, if they otherwise qualify for a tax credit under this chapter, in the chronological order in which the returns are filed in the state fiscal year.
As added by P.L.201-2023, SEC.103.
Terms Used In Indiana Code 6-3.1-39.5-14
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5