Sec. 16. (a) A credit awarded under section 15 of this chapter must be taken in ten (10) annual installments, beginning with the year in which the taxpayer places into service an integrated coal gasification powerplant or a fluidized bed combustion technology.

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Terms Used In Indiana Code 6-3.1-29-16

  • 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
  • Indiana coal: has the meaning set forth in IC 21-47-1-4. See Indiana Code 6-3.1-29-5
  • 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
     (b) Subject to section 20 of this chapter, the amount of an annual installment of the credit awarded under section 15 of this chapter is equal to the amount determined in the last of the following STEPS:

STEP ONE: Determine the lesser of:

(A) the credit amount determined under section 15 of this chapter, divided by ten (10); or

(B) the greater of:

(i) the taxpayer’s total state tax liability for the taxable year, multiplied by twenty-five percent (25%); or

(ii) the taxpayer’s liability for the utility receipts tax imposed under IC 6-2.3 (before its repeal) for the taxable year.

STEP TWO: Multiply the STEP ONE amount by the percentage of Indiana coal used in the taxpayer’s integrated coal gasification powerplant or fluidized bed combustion technology in the taxable year for which the annual installment of the credit is allowed.

     (c) If the credit allowed by this chapter is available to a member of an affiliated group of corporations filing a consolidated return under IC 6-2.3-6-5 (before its repeal) or IC 6-3-4-14, the credit shall be applied against the state tax liability of the affiliated group.

As added by P.L.191-2005, SEC.15. Amended by P.L.122-2006, SEC.14; P.L.138-2022, SEC.11.

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