Terms Used In Indiana Code > Title 6 > Article 3.1 > Chapter 34 - Redevelopment Tax Credit

• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• board: means the board of the Indiana economic development corporation. See Indiana Code 6-3.1-34-1
• 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.
• corporation: refers to the Indiana economic development corporation established under IC 5-28-3, unless the context clearly denotes otherwise. See Indiana Code 6-3.1-34-2
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• 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.
• floor space: means the usable interior floor space of a building. See Indiana Code 6-3.1-34-3
• Fraud: Intentional deception resulting in injury to another.
• in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• 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.
• pass through entity: means a:

  Indiana Code 6-3.1-34-4

• placed in service: means that property is placed in a condition or state of readiness and available to be occupied. See Indiana Code 6-3.1-34-5
• Property: includes personal and real property. See Indiana Code 1-1-4-5
• qualified investment: means the amount of the taxpayer's expenditures that are:

  Indiana Code 6-3.1-34-7

• qualified redevelopment site: means a vacant or underutilized property in Indiana as determined by the corporation. See Indiana Code 6-3.1-34-6
• rehabilitation: means the betterment of real property in any way. See Indiana Code 6-3.1-34-8
• state tax liability: means the taxpayer's total tax liability that is incurred under:

  Indiana Code 6-3.1-34-9

• taxpayer: means any person, corporation, limited liability company, partnership, or other entity that has any state tax liability. See Indiana Code 6-3.1-34-10
• Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5