Sec. 1. As used in this chapter:

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Terms Used In Indiana Code 6-3.1-7-1

  • 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.
  • Enterprise zone: means an enterprise zone created under IC 5-28-15. See Indiana Code 6-3.1-7-1
  • 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 6-3.1-7-1

  • State tax liability: means a taxpayer's total tax liability that is incurred under:

    Indiana Code 6-3.1-7-1

  • Taxpayer: means any person, corporation, limited liability company, partnership, or other entity that has any state tax liability. See Indiana Code 6-3.1-7-1
     “Enterprise zone” means an enterprise zone created under IC 5-28-15.

     “Pass through entity” means a:

(1) corporation that is exempt from the adjusted gross income tax under IC 6-3-2-2.8(2);

(2) partnership;

(3) trust;

(4) limited liability company; or

(5) limited liability partnership.

     “Qualified loan” means a loan made to an entity that uses the loan proceeds for:

(1) a purpose that is directly related to a business located in an enterprise zone;

(2) an improvement that increases the assessed value of real property located in an enterprise zone; or

(3) rehabilitation, repair, or improvement of a residence.

     “State tax liability” means a taxpayer‘s total tax liability that is incurred under:

(1) IC 6-3-1 through IC 6-3-7 (the adjusted gross income tax);

(2) IC 27-1-18-2 (the insurance premiums tax) or IC 6-8-15 (the nonprofit agricultural organization health coverage tax); and

(3) IC 6-5.5 (the financial institutions tax);

as computed after the application of the credits that, under IC 6-3.1-1-2, are to be applied before the credit provided by this chapter.

     “Taxpayer” means any person, corporation, limited liability company, partnership, or other entity that has any state tax liability. The term includes a pass through entity.

As added by P.L.51-1984, SEC.1. Amended by P.L.9-1986, SEC.7; P.L.80-1989, SEC.8; P.L.347-1989(ss), SEC.15; P.L.8-1993, SEC.87; P.L.120-1999, SEC.4; P.L.192-2002(ss), SEC.97; P.L.4-2005, SEC.51; P.L.154-2020, SEC.11.

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