Indiana Code 6-3.1-29-14. Credit
(1) is awarded a tax credit under this chapter by the corporation; and
Terms Used In Indiana Code 6-3.1-29-14
- 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: refers to the Indiana economic development corporation established by IC 5-28-3-1. See Indiana Code 6-3.1-29-3
- fluidized bed combustion technology: means a technology that involves the combustion of fuel in connection with a bed of inert material, such as limestone or dolomite, which is held in a fluid like state by the means of air or other gasses being passed through the materials. See Indiana Code 6-3.1-29-4.5
- integrated coal gasification powerplant: means a facility that satisfies all the following requirements:
Indiana Code 6-3.1-29-6
- state tax liability: means a taxpayer's total tax liability that is incurred under:
Indiana Code 6-3.1-29-11
- taxpayer: means a person, a corporation, a partnership, or other entity that makes a qualified investment. See Indiana Code 6-3.1-29-12
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
is entitled to a credit against the taxpayer’s state tax liability for a taxable year in which the taxpayer places into service an integrated coal gasification powerplant or a fluidized bed combustion technology and for the taxable years provided in section 16 of this chapter.
(b) A tax credit awarded under this chapter must be applied against the taxpayer’s state tax liability in the following order:
(1) Against the taxpayer’s liability incurred under IC 6-3-1 through IC 6-3-7 (the adjusted gross income tax).
(2) Against the taxpayer’s liability incurred under IC 6-5.5 (the financial institutions tax).
(3) Against the taxpayer’s liability incurred under IC 27-1-18-2 (the insurance premiums tax).
(4) Against the taxpayer’s liability incurred under IC 6-2.3 (the utility receipts tax) (before its repeal).
As added by P.L.191-2005, SEC.15. Amended by P.L.122-2006, SEC.12; P.L.138-2022, SEC.10.