Indiana Code 6-3.1-40.9-13. Maximum amount of credits
Current as of: 2023 | Check for updates
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Sec. 13. (a) The total amount of tax credits awarded under this chapter may not exceed four million dollars ($4,000,000) in each state fiscal year. However, any amounts carried forward under section 9(a) of this chapter shall first be deducted from the total amount of tax credits that may be awarded for the succeeding state fiscal year.
(b) The department shall record the time of filing of each claim for a credit under this chapter and shall approve the credits, if they otherwise qualify, in the chronological order in which the claims for the credit are filed in the state fiscal year.
As added by P.L.201-2023, SEC.104.
Terms Used In Indiana Code 6-3.1-40.9-13
- credit: refers to a credit granted under this chapter. See Indiana Code 6-3.1-40.9-3
- 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