Terms Used In Indiana Code > Title 6 > Article 3.1 > Chapter 4 - Research Expense Credits

• Base amount: means base amount (as defined in Section 41(c) of the Internal Revenue Code) modified by considering only Indiana qualified research expenses and gross receipts attributable to Indiana in the calculation of the taxpayer's:

  Indiana Code 6-3.1-4-1

• 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.
• Indiana qualified research expense: means qualified research expense that is incurred for research conducted in Indiana. See Indiana Code 6-3.1-4-1
• 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 6-3.1-4-1

• Qualified research expense: means qualified research expense (as defined in Section 41(b) of the Internal Revenue Code). See Indiana Code 6-3.1-4-1
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Research expense tax credit: means a credit provided under this chapter against any tax otherwise due and payable under IC 6-3. See Indiana Code 6-3.1-4-1
• Taxpayer: means an individual, a corporation, a limited liability company, a limited liability partnership, a trust, or a partnership that has any tax liability under IC 6-3 (adjusted gross income tax). See Indiana Code 6-3.1-4-1
• United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5
• Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5