Sec. 6. (a) If the department determines that the proceeds from a loan are used for a purpose other than the purpose stated at the time a credit was claimed under this chapter for interest on that loan, and if that stated purpose caused the department to designate the loan as a qualified loan, then the department shall disallow the credit allowed under this chapter for interest on that loan.

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

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

    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
     (b) A taxpayer shall pay to the department the amount of any credit disallowed under this section.

As added by P.L.51-1984, SEC.1.

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