Sec. 7. (a) An eligible applicant who wishes to obtain the state tax credit provided by this chapter for a qualified project must submit an application to the authority after June 30, 2023, and before January 1, 2028, in the manner prescribed by the authority.

     (b) An application submitted under subsection (a) must include:

(1) the name and address of the qualified project;

(2) the name and address of the owner of the qualified project; and

(3) any other information required by the authority.

     (c) Subject to section 8 of this chapter, the authority may approve a tax credit application if:

(1) the applicant is an eligible applicant;

(2) the project identified in the application is a qualified project; and

(3) the tax credit application meets any other requirements for receipt of state tax credits established by the authority.

     (d) If the authority approves a tax credit application for a qualified project, for each taxable year in the tax credit period the authority may approve a maximum amount of state tax credits. The maximum aggregate amount of state tax credits awarded by the authority for the state tax credit period of a qualified project is an amount that is the product of:

(1) a percentage determined by the authority, which must be less than or equal to one hundred percent (100%); multiplied by

(2) the anticipated aggregate federal tax credits over the credit period as defined by Section 42(f) of the Internal Revenue Code and specified in a letter issued by the authority for the qualified project under Section 42(m) of the Internal Revenue Code (annual amount multiplied by ten (10) years).

     (e) If the authority approves a tax credit application for a qualified project, the authority shall issue an eligibility statement to the eligible applicant. The eligibility statement must specify at least the following:

(1) A unique identification code for the eligibility statement, determined by the authority.

(2) The name of the qualified project.

(3) For each taxable year in the state tax credit period of the qualified project, the maximum amount of state tax credit that the authority is awarding to the eligible applicant for the qualified project.

     (f) The authority shall transmit a copy of each eligibility statement issued under subsection (e) to the department.

As added by P.L.137-2022, SEC.52. Amended by P.L.194-2023, SEC.24.