Indiana Code 6-3.1-26-20. Certification of qualified investments
(1) expanding the workforce in Indiana; or
Terms Used In Indiana Code 6-3.1-26-20
- 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: means the Indiana economic development corporation established by IC 5-28-3-1. See Indiana Code 6-3.1-26-2.5
- 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.
- qualified investment: means the amount of the taxpayer's expenditures in Indiana for:
Indiana Code 6-3.1-26-8
- taxpayer: means an individual, a corporation, a partnership, or other entity that has state tax liability. See Indiana Code 6-3.1-26-11
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(b) A person that desires to claim a tax credit for a qualified investment shall file with the department, in the form that the department may prescribe, an application:
(1) stating separately the amount of the credit awards for qualified investments that have been granted to the taxpayer by the corporation that will be claimed as a credit;
(2) stating separately the amount sought to be claimed as a credit; and
(3) identifying whether the credit will be claimed during the state fiscal year in which the application is filed or the immediately succeeding state fiscal year.
(c) The department shall separately record the time of filing of each application for a credit award for a qualified investment and shall, except as provided in subsection (d), approve the credit to the taxpayer in the chronological order in which the application is filed in the state fiscal year. The department shall promptly notify an applicant whether, or the extent to which, the tax credit is allowable in the state fiscal year proposed by the taxpayer.
(d) If the total credit awards for qualified investments, including carryover credit awards covered by each subsection for a previous state fiscal year, equal the maximum amount allowable in the state fiscal year, an application for such a credit award that is filed later for that same state fiscal year may not be granted by the department. However, if an applicant for which a credit has been awarded and applied for with the department fails to claim the credit, an amount equal to the credit previously applied for but not claimed may be allowed to the next eligible applicant or applicants until the total amount has been allowed.
As added by P.L.224-2003, SEC.197. Amended by P.L.4-2005, SEC.109; P.L.288-2013, SEC.57; P.L.250-2015, SEC.34; P.L.158-2019, SEC.19; P.L.135-2022, SEC.11.