Indiana Code — Title 6 (Taxation)
IC 6-1.1-8.2-5
Determination of amount of credit
Sec. 5. (a) Subject to subsection (b), the amount of the credit that a taxpayer is entitled to under section 4 of this chapter for a particular calendar year is equal to the lesser of:
# (1)
twenty-five percent (25%) of the qualified expenditures made by the taxpayer in the calendar year immediately preceding the calendar year in which the tax liability is imposed; or
# (2)
the taxpayer's total tax liability for the calendar year.
(b) The total amount of credits provided under this chapter in a calendar year may not exceed two million eight hundred thousand dollars ($2,800,000). If the total amount of credits applied for in a calendar year exceeds the maximum provided under this subsection, each taxpayer's credit shall be reduced by an amount determined under the following STEPS:
STEP ONE: Divide the maximum amount of credits provided by this chapter for the year by the total amount of credits applied for under this chapter for the year.
STEP TWO: Multiply the STEP ONE result by the total amount of credits applied for by the taxpayer for the year.
As added by P.L.253-1999, SEC.2.
Amendment history
As added by P.L.253-1999, SEC.2.
Source: view the official text
Nearby sections (25 sections)
- 6-1.1-8-41 · Valuation methods used in other states
- 6-1.1-8-42 · Rules and regulations; promulgation
- 6-1.1-8-43 · Purpose of chapter; conflicting provisions
- 6-1.1-8-44 · Reinstatement of utility property rules; prohibition…
- 6-1.1-8-45 · Depreciable personal property 30% minimum valuation
- 6-1.1-8.1-1 · Applicability
- 6-1.1-8.1-2 · "Controlled environment agriculture property"
- 6-1.1-8.1-3 · Classification and assessment
- 6-1.1-8.2-1 · "Qualified expenditures" defined
- 6-1.1-8.2-2 · "Taxpayer" defined
- 6-1.1-8.2-3 · "Tax liability" defined
- 6-1.1-8.2-4 · Entitlement to credit
- 6-1.1-8.2-5 · Determination of amount of credit
- 6-1.1-8.2-6 · Filing expenditure statement
- 6-1.1-8.5-1 · "Industrial company" defined
- 6-1.1-8.5-2 · "Industrial facility" defined
- 6-1.1-8.5-3 · "Qualifying county" defined
- 6-1.1-8.5-4 · Repealed
- 6-1.1-8.5-5 · Facility to be assessed in prescribed manner
- 6-1.1-8.5-6 · County assessor to provide list of industrial facilities…
- 6-1.1-8.5-7 · Notice of newly constructed facilities
- 6-1.1-8.5-8 · Reassessment by the department; local officials and…
- 6-1.1-8.5-9 · Support of department's assessor
- 6-1.1-8.5-10 · Certification of true tax values
- 6-1.1-8.5-11 · Appeal of industrial facility assessment to the Indiana…