Indiana Code 6-3.1-4-1. Definitions
“Base amount” means base amount (as defined in Section 41(c) of the Internal Revenue Code) modified by considering only Indiana qualified research expenses and gross receipts attributable to Indiana in the calculation of the taxpayer‘s:
Terms Used In Indiana Code 6-3.1-4-1
- Base amount: means base amount (as defined in Section 41(c) of the Internal Revenue Code) modified by considering only Indiana qualified research expenses and gross receipts attributable to Indiana in the calculation of the taxpayer's:
Indiana Code 6-3.1-4-1
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Qualified research expense: means qualified research expense (as defined in Section 41(b) of the Internal Revenue Code). See Indiana Code 6-3.1-4-1
- Taxpayer: means an individual, a corporation, a limited liability company, a limited liability partnership, a trust, or a partnership that has any tax liability under IC 6-3 (adjusted gross income tax). See Indiana Code 6-3.1-4-1
(2) average annual gross receipts.
“Indiana qualified research expense” means qualified research expense that is incurred for research conducted in Indiana.
“Qualified research expense” means qualified research expense (as defined in Section 41(b) of the Internal Revenue Code).
“Pass through entity” means:
(1) a corporation that is exempt from the adjusted gross income tax under IC 6-3-2-2.8(2);
(2) a partnership;
(3) a limited liability company; or
(4) a limited liability partnership.
“Research expense tax credit” means a credit provided under this chapter against any tax otherwise due and payable under IC 6-3.
“Taxpayer” means an individual, a corporation, a limited liability company, a limited liability partnership, a trust, or a partnership that has any tax liability under IC 6-3 (adjusted gross income tax).
As added by P.L.51-1984, SEC.1. Amended by P.L.57-1990, SEC.1; P.L.8-1993, SEC.85; P.L.8-1996, SEC.7; P.L.192-2002(ss), SEC.86; P.L.193-2005, SEC.12; P.L.242-2015, SEC.21.