Sec. 4. (a) Any business firm or person which desires to claim a tax credit as provided in this chapter shall file with the department, in the form that the department may prescribe, an application stating the amount of the contribution or investment which it proposes to make which would qualify for a tax credit, and the amount sought to be claimed as a credit. The application shall include a certificate evidencing approval of the contribution or program by the authority.

     (b) The authority shall give priority in issuing certificates to applicants whose contributions or programs directly benefit enterprise zones.

Terms Used In Indiana Code 6-3.1-9-4

  • authority: means the Indiana housing and community development authority established by IC 5-20-1-3. See Indiana Code 6-3.1-9-1
  • business firm: means any business entity authorized to do business in the state of Indiana that has state tax liability. See Indiana Code 6-3.1-9-1
  • 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.
  • person: means any individual subject to Indiana gross or adjusted gross income tax. See Indiana Code 6-3.1-9-1
  • state fiscal year: means a twelve (12) month period beginning on July 1 and ending on June 30. See Indiana Code 6-3.1-9-1
  • tax credit: means a deduction from any tax otherwise due and payable under IC 6-3 or Indiana Code 6-3.1-9-1
     (c) The department shall promptly notify an applicant whether, or the extent to which, the tax credit is allowable in the state fiscal year in which the application is filed, as provided in section 5 of this chapter. If the credit is allowable in that state fiscal year, the applicant shall within thirty (30) days after receipt of the notice file with the department of state revenue a statement, in the form and accompanied by the proof of payment as the department may prescribe, setting forth that the amount to be claimed as a credit under this chapter has been paid to an organization for an approved program or purpose, or permanently set aside in a special account to be used solely for an approved program or purpose.

     (d) The department may disallow any credit claimed under this chapter for which the statement or proof of payment is not filed within the thirty (30) day period.

As added by P.L.51-1984, SEC.1. Amended by P.L.4-2005, SEC.55; P.L.235-2005, SEC.97; P.L.1-2006, SEC.142; P.L.181-2006, SEC.46; P.L.1-2007, SEC.56.

  Previous section
Next section  
 Chapter 9 Contents