Sec. 6. (a) Subject to entering into an agreement with the corporation under section 8 of this chapter and subject to section 11 of this chapter, a taxpayer is entitled to a credit against the taxpayer’s state tax liability for a taxable year if the taxpayer makes a qualified investment in that year.

lawyer at desk

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Indiana Code 6-3.1-37.2-6

  • in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
  • mine reclamation site: means land that has been mined using surface mining methods or underground mining methods, specifically and primarily for the removal of coal, and land contiguous to such previously mined land. See Indiana Code 6-3.1-37.2-2
  • qualified investment: means the amount of the taxpayer's expenditures for development of property located within a mine reclamation site. See Indiana Code 6-3.1-37.2-3
  • state tax liability: means the taxpayer's total tax liability that is incurred under:

    Indiana Code 6-3.1-37.2-4

  • taxpayer: means any person, corporation, limited liability company, partnership, or other entity that has any state tax liability and that is the owner or developer of a mine reclamation site. See Indiana Code 6-3.1-37.2-5
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
     (b) Subject to section 15 of this chapter, the amount of the credit to which a taxpayer is entitled may not exceed the lesser of:

(1) the qualified investment made by the taxpayer during the taxable year multiplied by thirty percent (30%); or

(2) five million dollars ($5,000,000).

     (c) A taxpayer may assign any part of the credit to which the taxpayer is entitled under this chapter to a lessee of the mine reclamation site. A credit that is assigned under this subsection remains subject to this chapter.

     (d) An assignment under subsection (c) must be in writing and both the taxpayer and the lessee must report the assignment on their state tax returns for the year in which the assignment is made in the manner prescribed by the department of state revenue. The taxpayer may not receive value in connection with the assignment under subsection (c) that exceeds the value of the part of the credit assigned.

As added by P.L.214-2023, SEC.2.

  Previous section
Next section  
 Chapter 37.2 Contents