Terms Used In Indiana Code > Title 6 > Article 3.1 > Chapter 17.1 - Historic Rehabilitation Tax Credit

• 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.
• 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.
• in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
• 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.
• pass through entity: means :

  Indiana Code 6-3.1-17.1-2

• qualified historic structure: means any building that is:

  Indiana Code 6-3.1-17.1-3

• qualified rehabilitation expenditure: means the costs and expenses incurred by a qualified taxpayer in the restoration and preservation of a qualified historic structure that are defined as a qualified rehabilitation expenditure in Section 47(c)(2) of the Internal Revenue Code. See Indiana Code 6-3.1-17.1-4
• qualified taxpayer: means the owner of a qualified historic structure or any other person who may qualify for the federal rehabilitation tax credit allowable under Section 47 of the Internal Revenue Code. See Indiana Code 6-3.1-17.1-5
• state tax liability: means a taxpayer's total tax liability incurred under IC 6-3-1 through IC 6-3-7 (the adjusted gross income tax), as computed after the application of all credits that under Indiana Code 6-3.1-17.1-6
• Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5