Sec. 7. (a) Subject to IC 5-28-6-9, the Indiana economic development corporation may award a credit to a qualified taxpayer against the qualified taxpayer’s state tax liability in the taxable year in which the qualified taxpayer completes restoration and preservation of a qualified historic structure if the total amount of qualified rehabilitation expenditures incurred by the qualified taxpayer equals five thousand dollars ($5,000) or more.

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Terms Used In Indiana Code 6-3.1-17.1-7

  • 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.
  • qualified historic structure: means any building that is:

    Indiana Code 6-3.1-17.1-3

  • qualified taxpayer: means the owner of a qualified historic structure or any other person who may qualify for the federal rehabilitation tax credit allowable under Section 47 of the Internal Revenue Code. See Indiana Code 6-3.1-17.1-5
  • state tax liability: means a taxpayer's total tax liability incurred under IC 6-3-1 through IC 6-3-7 (the adjusted gross income tax), as computed after the application of all credits that under Indiana Code 6-3.1-17.1-6
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
     (b) The amount of the credit is equal to:

(1) twenty-five percent (25%) of the qualified rehabilitation expenditures that the qualified taxpayer makes for the restoration and preservation of a qualified historic structure; or

(2) thirty percent (30%) of the qualified rehabilitation expenditures that the qualified taxpayer makes for the restoration and preservation of a qualified historic structure that is:

(A) owned by a taxpayer that is exempt from federal income taxation under Section 501(c)(3) of the Internal Revenue Code; or

(B) not income producing.

     (c) If the Indiana economic development corporation awards credits under this chapter, the department of state revenue and the office of community and rural affairs shall administer the allowance of the credits.

As added by P.L.236-2023, SEC.67.

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