Sec. 5. (a) The amount of tax credits allowed under this chapter may not exceed two million five hundred thousand dollars ($2,500,000) in the state
fiscal year beginning July 1, 1997, and ending June 30, 1998, and each
state fiscal year thereafter.
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Terms Used In Indiana Code 6-3.1-9-5
- 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.
- person: means any individual subject to Indiana adjusted gross income tax. See Indiana Code 6-3.1-9-1
- state fiscal year: means a twelve (12) month period beginning on July 1 and ending on June 30. 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
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(c) When the total credits approved under this section equal the maximum amount allowable in any state fiscal year, no credits thereafter filed for that same fiscal year shall be approved.
As added by P.L.51-1984, SEC.1. Amended by P.L.95-1995, SEC.1; P.L.64-1997, SEC.1; P.L.124-2024, SEC.18.
