Partnertax.ai
Start free trial →

Indiana Code — Title 6 (Taxation)

IC 6-3.1-22-15

Maximum credit; restrictions

Official textiga.in.govlast amended

Sec. 15.

# (a)

The amount of tax credits allowed under this chapter may not exceed two hundred fifty thousand dollars ($250,000) in a state fiscal year beginning July 1, 2001, or thereafter.

# (b)

If the total credits approved by the office in a state fiscal year under this chapter equal the maximum amount allowable in the state fiscal year under subsection (a), the office shall not approve an additional application for the credits in that state fiscal year.

# (c)

If a credit allowable under section 8 of this chapter results in credits being granted in excess of the maximum amount allowable in a state fiscal year under this section, the office shall approve a credit of the maximum amount allowable under this section for that state fiscal year minus the previously approved credits for that state fiscal year.

# (d)

For purposes of this section, a credit allowed for qualified expenditures incurred before July 1, 2024, and approved by the office before March 10, 2025, shall be treated as being allowed for a state fiscal year beginning before July 1, 2024.
As added by P.L.129-2001, SEC.7. Amended by P.L.125-2025, SEC.3.

Amendment history

As added by P.L.129-2001, SEC.7. Amended by P.L.125-2025, SEC.3.

Source: view the official text

Report a problem

What's wrong?

Sent anonymously with this page's citation. No personal information is collected.
Nearby sections (25 sections)
  1. 6-3.1-22-3 · "Preservation"
  2. 6-3.1-22-4 · "Qualified expenditures"
  3. 6-3.1-22-5 · "Rehabilitation"
  4. 6-3.1-22-6 · "State tax liability"
  5. 6-3.1-22-7 · "Taxpayer"
  6. 6-3.1-22-8 · Entitlement to credit
  7. 6-3.1-22-9 · Qualifying conditions; assistance to office by department…
  8. 6-3.1-22-10 · Certifications for rehabilitation work
  9. 6-3.1-22-11 · Credit claimed on tax return
  10. 6-3.1-22-12 · Reduction of adjusted basis
  11. 6-3.1-22-13 · Recaptured credit
  12. 6-3.1-22-14 · Credit exceeding tax liability
  13. 6-3.1-22-15 · Maximum credit; restrictions
  14. 6-3.1-22-15.5 · Residential historic rehabilitation credit; eligibility
  15. 6-3.1-22-16 · Adoption of rules
  16. 6-3.1-24-1 · "Pass through entity" defined
  17. 6-3.1-24-2 · "Qualified Indiana business" defined
  18. 6-3.1-24-2.5 · "Qualified Indiana investment fund"
  19. 6-3.1-24-3 · "Qualified investment capital" defined
  20. 6-3.1-24-4 · "State tax liability" defined
  21. 6-3.1-24-4.5 · "Substantial presence"
  22. 6-3.1-24-5 · "Taxpayer" defined
  23. 6-3.1-24-6 · Credit; eligibility
  24. 6-3.1-24-7 · Certification of qualified Indiana business; forms; fee
  25. 6-3.1-24-7.5 · Certification of qualified Indiana investment fund; forms
Full table of contents →