Indiana Code 6-3.1-35-2. Definitions
(1) “Authority” refers to the Indiana housing and community development authority created by IC 5-20-1-3.
Terms Used In Indiana Code 6-3.1-35-2
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(3) “Eligible applicant” means a taxpayer who is:
(A) an owner of a qualified project; or
(B) a shareholder, member, or partner of an owner of a qualified project that is designated by the owner in the manner prescribed by the authority.
(4) “Federal tax credit” means a federal low income housing credit under Section 42 of the Internal Revenue Code that is a thirty percent (30%) present value credit. The term does not include a seventy percent (70%) present value credit under Section 42 of the Internal Revenue Code for certain new buildings.
(5) “Holder of a state tax credit” for a taxable year in a qualified project’s state tax credit period means:
(A) the eligible applicant for the qualified project;
(B) a shareholder, member, or partner of the owner of the qualified project; or
(C) a successor, assignee, or transferee of the eligible applicant under section 6 of this chapter;
that has a right to claim all or part of the tax credit for the taxable year.
(6) “Qualified basis” of a qualified project has the meaning set forth in Section 42 of the Internal Revenue Code.
(7) “Qualified project” means a qualified low income building (as defined in Section 42(c) of the Internal Revenue Code):
(A) that is located in Indiana;
(B) for which a federal affordable housing tax credit was awarded using a thirty percent (30%) present value of the qualified basis of the building; and
(C) that is financed by tax exempt bonds that are subject to the private activity bond volume cap (under Section 42(h)(4) of the Internal Revenue Code).
(8) “State tax credit” means the tax credit provided by this chapter.
(9) “State tax credit period” for a qualified project means the period of five (5) taxable years beginning with the taxable year a building in the project is placed into service.
(10) “State tax liability” means a taxpayer’s total tax liability incurred under:
(A) IC 6-3-1 through IC 6-3-7 (the adjusted gross income tax);
(B) IC 6-5.5 (the financial institutions tax);
(C) IC 27-1-18-2 (the insurance premiums tax); and
(D) IC 27-1-20-12 (the insurance premiums retaliatory tax);
as computed after the application of the credits that under IC 6-3.1-1-2 are to be applied before the credit provided by this chapter.
(11) “Tax credit application” means an application submitted by an eligible applicant to the authority under section 7 of this chapter.
(12) “Taxpayer” means an individual, a corporation, an S corporation, a partnership, a limited partnership, a limited liability partnership, a limited liability company, or a joint venture.
As added by P.L.137-2022, SEC.52. Amended by P.L.194-2023, SEC.22.