Definitions

# (1)

"Authority" refers to the Indiana housing and community development authority created by IC 5-20-1-3.

# (2)

"Eligibility statement" refers to the statement issued by the authority to an eligible applicant under section 7 of this chapter.

# (3)

"Eligible applicant" means a taxpayer who is:

# (A)

an owner of a qualified project; or

# (B)

a shareholder, member, or partner of an owner of a qualified project that is designated by the owner in the manner prescribed by the authority.

# (4)

"Federal tax credit" means a federal low income housing credit under Section 42 of the Internal Revenue Code that is a thirty percent (30%) present value credit. The term does not include a seventy percent (70%) present value credit under Section 42 of the Internal Revenue Code for certain new buildings.

# (5)

"Holder of a state tax credit" for a taxable year in a qualified project's state tax credit period means:

# (A)

the eligible applicant for the qualified project;

# (B)

a shareholder, member, or partner of the owner of the qualified project; or

# (C)

a successor, assignee, or transferee of the eligible applicant under section 6 of this chapter;
that has a right to claim all or part of the tax credit for the taxable year.

# (6)

"Qualified basis" of a qualified project has the meaning set forth in Section 42 of the Internal Revenue Code.

# (7)

"Qualified project" means a qualified low income building (as defined in Section 42(c) of the Internal Revenue Code):

# (A)

that is located in Indiana;

# (B)

for which a federal affordable housing tax credit was awarded using a thirty percent (30%) present value of the qualified basis of the building; and

# (C)

that is financed by tax exempt bonds that are subject to the private activity bond

volume cap (under Section 42(h)(4) of the Internal Revenue Code).

# (8)

"State tax credit" means the tax credit provided by this chapter.

# (9)

"State tax credit period" for a qualified project means the period of five (5) taxable years beginning with the taxable year a building in the project is placed into service.

# (10)

"State tax liability" means a taxpayer's total tax liability incurred under:

# (A)

IC 6-3-1 through IC 6-3-7 (the adjusted gross income tax);

# (B)

IC 6-5.5 (the financial institutions tax);

# (C)

IC 27-1-18-2 (the insurance premiums tax); and

# (D)

IC 27-1-20-12 (the insurance premiums retaliatory tax);
as computed after the application of the credits that under IC 6-3.1-1-2 are to be applied before the credit provided by this chapter.

# (11)

"Tax credit application" means an application submitted by an eligible applicant to the authority under section 7 of this chapter.

# (12)

"Taxpayer" means an individual, a corporation, an S corporation, a partnership, a limited partnership, a limited liability partnership, a limited liability company, or a joint venture.
As added by P.L.137-2022, SEC.52. Amended by P.L.194-2023, SEC.22.