Sec. 12.5. (a) A taxpayer wishing to obtain a credit under this chapter must apply to the Indiana economic development corporation for a certification that the taxpayer’s proposed investment plan would qualify for a credit under this chapter.

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Terms Used In Indiana Code 6-3.1-24-12.5

  • 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 Indiana business: means an independently owned and operated business that is certified as a qualified Indiana business by the Indiana economic development corporation under section 7 of this chapter. See Indiana Code 6-3.1-24-2
  • qualified Indiana investment fund: means any private fund that meets the definition of a venture capital fund in 17 C. See Indiana Code 6-3.1-24-2.5
  • qualified investment capital: means debt or equity capital that is provided to a qualified Indiana business or a qualified Indiana investment fund after December 31, 2003. See Indiana Code 6-3.1-24-3
  • taxpayer: means an individual or entity, including a pass through entity, that has any state tax liability. See Indiana Code 6-3.1-24-5
     (b) The application required under subsection (a) must include:

(1) the name and address of the taxpayer;

(2) the name and address of each proposed recipient of the taxpayer’s proposed investment;

(3) the amount of the proposed investment;

(4) a copy of the certification issued under section 7 or 7.5 of this chapter that the proposed recipient is a qualified Indiana business or qualified Indiana investment fund, whichever is applicable; and

(5) any other information required by the Indiana economic development corporation.

     (c) If the Indiana economic development corporation determines that the proposed investment would qualify the taxpayer for a credit under this chapter, the corporation may certify the taxpayer’s proposed investment plan.

     (d) To receive a credit under this chapter, the taxpayer must provide qualified investment capital to a qualified Indiana business or qualified Indiana investment fund, whichever is applicable, according to the taxpayer’s certified investment plan within two (2) years after the date on which the Indiana economic development corporation certifies the investment plan.

     (e) Upon making the investment required under subsection (d), the taxpayer shall provide proof of the investment to the Indiana economic development corporation.

     (f) Upon receiving proof of a taxpayer’s investment under subsection (e), the Indiana economic development corporation shall issue the taxpayer a certificate indicating that the taxpayer has fulfilled the requirements of the corporation and that the taxpayer is entitled to a credit under this chapter.

     (g) Notwithstanding subsection (f), if a taxpayer is issued a certificate by the Indiana economic development corporation for an investment made in a qualified Indiana investment fund, a taxpayer may not claim the credit as provided in section 13 of this chapter before July 1, 2023.

     (h) A taxpayer forfeits the right to a tax credit attributable to an investment certified under subsection (c) if the taxpayer fails to make the proposed investment within the period required under subsection (d).

As added by P.L.214-2003, SEC.6. Amended by P.L.4-2005, SEC.100; P.L.193-2005, SEC.20; P.L.165-2021, SEC.86.

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