Indiana Code — Title 6 (Taxation)
IC 6-3.1-38-7
Maximum amount of credit; approval of claims
Sec. 7.
# (a)
The amount of tax credits granted under this chapter may not exceed ten million dollars ($10,000,000) in any taxable year.
# (b)
The department shall record the time of filing of each return claiming a credit under section 6 of this chapter and shall approve the claims if they otherwise qualify for a tax credit under this chapter, in the chronological order in which the claims are filed in the state fiscal year.
# (c)
The department may not approve a claim for a tax credit after the date on which the total credits approved under this section equal the maximum amount allowable in a particular state fiscal year.
As added by P.L.203-2023, SEC.2.
Amendment history
As added by P.L.203-2023, SEC.2.
Source: view the official text
Nearby sections (25 sections)
- 6-3.1-37.2-12 · Application of credit against taxpayer's taxes
- 6-3.1-37.2-13 · Claiming of credit and submission of certification
- 6-3.1-37.2-14 · Pass through entities
- 6-3.1-37.2-15 · Maximum aggregate amount allowed
- 6-3.1-37.2-16 · Limitations
- 6-3.1-37.2-17 · Expiration; carryforward after expiration
- 6-3.1-38-1 · Applicability
- 6-3.1-38-2 · "Qualified taxpayer"
- 6-3.1-38-3 · "State tax liability"
- 6-3.1-38-4 · Credit for qualified taxpayer; credit amounts
- 6-3.1-38-5 · Reporting requirements
- 6-3.1-38-6 · Claiming credit on tax return
- 6-3.1-38-7 · Maximum amount of credit; approval of claims
- 6-3.1-38-8 · Credit carryover; carryback or refund of unused credit
- 6-3.1-38-9 · Rules
- 6-3.1-38.1-1 · "Pass through entity"
- 6-3.1-38.1-2 · "Qualified applicant"
- 6-3.1-38.1-3 · "Qualified new rail infrastructure expenditures"
- 6-3.1-38.1-4 · "Qualified railroad expenditures"
- 6-3.1-38.1-5 · "Qualified rural county"
- 6-3.1-38.1-6 · "State tax liability"
- 6-3.1-38.1-7 · "Taxpayer"
- 6-3.1-38.1-8 · Applying for tax credit; eligibility
- 6-3.1-38.1-9 · Amount of tax credit
- 6-3.1-38.1-10 · Amount of tax credit; pass through entities