Indiana Code 6-3.1-22-13. Recaptured credit
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Sec. 13. (a) A credit claimed under this chapter shall be recaptured from the taxpayer if:
(2) less than five (5) years after completion of the certified preservation or rehabilitation, additional modifications to the property are undertaken that do not meet the standards of the office.
(1) the property is transferred less than five (5) years after completion of the certified preservation or rehabilitation work; or
Terms Used In Indiana Code 6-3.1-22-13
- office: means the office of community and rural affairs established by Indiana Code 6-3.1-22-2
- preservation: means the application of measures to sustain the form, integrity, and material of:
Indiana Code 6-3.1-22-3
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- rehabilitation: means the process of returning a property to a state of utility through repair or alteration that makes possible an efficient contemporary residential use while preserving the parts or features of the property that are significant to the historical, architectural, or archeological values of the property. See Indiana Code 6-3.1-22-5
- taxpayer: means :
Indiana Code 6-3.1-22-7
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(b) If the recapture of a credit is required under this section, an amount equal to the credit recaptured shall be added to the tax liability of the taxpayer for the taxable year during which the credit is recaptured.
As added by P.L.129-2001, SEC.7. Amended by P.L.166-2014, SEC.32.