Sec. 10. (a) The amount of tax credits allowed under this chapter may not exceed two hundred thousand dollars ($200,000) in any state
fiscal year.
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Terms Used In Indiana Code 6-3.1-18-10
- business firm: means any business entity authorized to do business in the state of Indiana that has state tax liability. See Indiana Code 6-3.1-18-0.5
- 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 adjusted gross income tax. See Indiana Code 6-3.1-18-4.3
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(1) record the time of filing of each tax return claiming the credit under section 9 of this chapter; and
(2) approve the credit, if the business firm or person claiming the credit otherwise qualifies for a tax credit under this chapter, in the chronological order in which the tax return claiming the credit is filed in the state fiscal year.
(c) When the total credits approved under this section equal the maximum amount allowable in any state fiscal year, no credits thereafter filed for that same fiscal year shall be approved.
As added by P.L.15-1997, SEC.2. Amended by P.L.289-2001, SEC.14; P.L.124-2024, SEC.27.
