Sec. 4. (a) The
neighborhood organization, on behalf of any
business firm or
person which desires to claim a
tax credit as provided in this chapter, shall file with the
authority, in the form that the authority may prescribe, documentation stating the amount of the contribution that would qualify for a tax credit, and the amount allocated to the business firm or person to be claimed as a credit.
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Terms Used In Indiana Code 6-3.1-9-4
- authority: means the Indiana housing and community development authority established by IC 5-20-1-3. See Indiana Code 6-3.1-9-1
- business firm: means any business entity authorized to do business in the state of Indiana that has state tax liability. See Indiana Code 6-3.1-9-1
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- neighborhood organization: means any organization, including but not limited to a nonprofit development corporation doing both of the following:
Indiana Code 6-3.1-9-1
- person: means any individual subject to Indiana adjusted gross income tax. See Indiana Code 6-3.1-9-1
- tax credit: means a deduction from any tax otherwise due and payable under IC 6-3 or Indiana Code 6-3.1-9-1
(c) The department shall promptly notify a business firm or person whether, or the extent to which, the tax credit is allowable in the state fiscal year in which the tax return claiming the credit is filed, as provided in section 5 of this chapter.
(d) The department shall consider documentation from the authority as proof of payment, setting forth that the amount to be claimed as a credit under this chapter has been paid to an organization for an approved program or purpose, or permanently set aside in a special account to be used solely for an approved program or purpose.
As added by P.L.51-1984, SEC.1. Amended by P.L.4-2005, SEC.55; P.L.235-2005, SEC.97; P.L.1-2006, SEC.142; P.L.181-2006, SEC.46; P.L.1-2007, SEC.56; P.L.124-2024, SEC.17.
