Sec. 9. (a) The community development
corporation or
community based organization, on behalf of a
business firm or
person that desires to claim a tax credit as provided in this chapter, shall file with the
authority, in the form approved by the
authority, documentation stating the amount of the
qualified contribution that would qualify for a tax credit, and the amount allocated to the business firm or person to be claimed as a credit.
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Terms Used In Indiana Code 6-3.1-18-9
- authority: means the Indiana housing and community development authority established by IC 5-20-1-3. See Indiana Code 6-3.1-18-0.3
- business firm: means any business entity authorized to do business in the state of Indiana that has state tax liability. See Indiana Code 6-3.1-18-0.5
- community based organization: has the meaning set forth in Indiana Code 6-3.1-18-0.7
- community development corporation: has the meaning set forth in IC 4-4-28-2. See Indiana Code 6-3.1-18-1
- 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.
- 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.
- fund: refers to an individual development account fund established by a community development corporation or community based organization under IC 4-4-28-13. See Indiana Code 6-3.1-18-2
- person: means any individual subject to Indiana adjusted gross income tax. See Indiana Code 6-3.1-18-4.3
- qualified contribution: means a contribution to a fund for which a community development corporation or community based organization has received an allocation of tax credits under IC 4-4-28-13. See Indiana Code 6-3.1-18-4.5
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(c) The department shall consider documentation from the authority as proof of payment, setting forth that the amount to be claimed as a credit under this chapter has been paid to a community development corporation or a community based organization as a qualified contribution to the fund of the community development corporation or the community based organization fund for the current state fiscal year, or permanently set aside in a special account to be used solely for this fund.
As added by P.L.15-1997, SEC.2. Amended by P.L.50-2016, SEC.12; P.L.124-2024, SEC.26.
