Sec. 11. (a) A taxpayer may claim a credit against the taxpayer’s state tax liability for a taxable year only if the corporation awards a credit to the taxpayer and enters into an agreement with the taxpayer as set forth under this chapter. The corporation may establish an application period for applying for awards. If an application period is established, the corporation shall establish policies and procedures necessary to administer the application period. The corporation may deny an application for a credit under this chapter in its sole discretion. A taxpayer may not seek judicial review of a decision by the corporation to deny a taxpayer’s application for a credit.

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Terms Used In Indiana Code 6-3.1-34-11

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • 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 under IC 5-28-3, unless the context clearly denotes otherwise. See Indiana Code 6-3.1-34-2
  • pass through entity: means a:

    Indiana Code 6-3.1-34-4

  • qualified investment: means the amount of the taxpayer's expenditures that are:

    Indiana Code 6-3.1-34-7

  • state tax liability: means the taxpayer's total tax liability that is incurred under:

    Indiana Code 6-3.1-34-9

  • taxpayer: means any person, corporation, limited liability company, partnership, or other entity that has any state tax liability. See Indiana Code 6-3.1-34-10
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
     (b) The amount of the credit that a taxpayer may claim is equal to:

(1) the qualified investment made by the taxpayer and certified and approved by the corporation in accordance with an agreement entered into under section 17 of this chapter for a taxable year; multiplied by

(2) the applicable credit percentage determined by the corporation under section 17(b) and 17(c) of this chapter.

     (c) If a pass through entity may claim a credit under this section but does not have state tax liability against which the tax credit may be applied, a shareholder, partner, beneficiary, or member of the pass through entity may claim a credit equal to:

(1) the credit determined for the pass through entity for the taxable year; multiplied by

(2) the percentage of the pass through entity’s distributive income that the shareholder, partner, beneficiary, or member may claim.

The credit provided under this subsection is in addition to a credit that a shareholder, partner, beneficiary, or member of a pass through entity may claim. However, a pass through entity and a shareholder, partner, beneficiary, or member of a pass through entity may not claim more than one (1) credit for the qualified investment.

     (d) Notwithstanding subsections (a), (b), and (c), a pass through entity (other than an entity described in IC 6-3-1-35(1)) and its partners, beneficiaries, or members may allocate the credit among its partners, beneficiaries, or members of the pass through entity as provided by written agreement without regard to their sharing of other tax or economic attributes. Such agreements shall be filed with the corporation not later than fifteen (15) days after execution. The pass through entity shall also provide a copy of such agreements, a list of partners, beneficiaries, or members of the pass through entity, and their respective shares of the credit resulting from such agreements in the manner prescribed by the department of state revenue.

As added by P.L.158-2019, SEC.29. Amended by P.L.159-2021, SEC.19.

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