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Indiana Code — Title 6 (Taxation)

IC 6-3.1-38.3-7

Pass through entity; shareholder, partner, or member

Official textiga.in.govlast amended

Sec. 7. If a pass through entity is entitled to a credit under this chapter but does not have state tax liability against which the tax credit may be applied, an individual who is a shareholder, partner, beneficiary, or member of the pass through entity is entitled to a tax credit equal to:

# (1)

the tax credit determined for the pass through entity for the taxable year; multiplied by

# (2)

the percentage of the pass through entity's distributive income to which the shareholder, partner, beneficiary, or member is entitled.

The credit provided under this section is in addition to a tax credit to which a shareholder, partner, beneficiary, or member of a pass through entity is entitled. However, a pass through entity and an individual who is a shareholder, partner, beneficiary, or member of a pass through entity may not claim more than one (1) credit.
As added by P.L.236-2023, SEC.68.

Amendment history

As added by P.L.236-2023, SEC.68.

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Nearby sections (25 sections)
  1. 6-3.1-38.1-10 · Amount of tax credit; pass through entities
  2. 6-3.1-38.1-11 · Claiming tax credit
  3. 6-3.1-38.1-12 · Carry over of excess tax credit
  4. 6-3.1-38.1-13 · Assignment of tax credit
  5. 6-3.1-38.1-14 · Aggregate amount of tax credits permitted
  6. 6-3.1-38.1-15 · Expiration
  7. 6-3.1-38.3-1 · "Pass through entity"
  8. 6-3.1-38.3-2 · "State tax liability"
  9. 6-3.1-38.3-3 · Credit
  10. 6-3.1-38.3-4 · Eligibility requirements
  11. 6-3.1-38.3-5 · Computation of credit amount; certain taxpayers
  12. 6-3.1-38.3-6 · Computation of credit amount; certain taxpayers
  13. 6-3.1-38.3-7 · Pass through entity; shareholder, partner, or member
  14. 6-3.1-38.3-8 · Claiming of credit on state tax return
  15. 6-3.1-38.3-9 · Credit carryover
  16. 6-3.1-38.3-10 · Report
  17. 6-3.1-38.3-11 · Expiration of chapter
  18. 6-3.1-39.5-1 · "Indiana qualified child care facility"
  19. 6-3.1-39.5-2 · "Pass through entity"
  20. 6-3.1-39.5-3 · "Qualified child care expenditure"
  21. 6-3.1-39.5-4 · "Qualified expenditure"
  22. 6-3.1-39.5-5 · "Recapture event"
  23. 6-3.1-39.5-6 · "State tax liability"
  24. 6-3.1-39.5-7 · "Taxpayer"
  25. 6-3.1-39.5-8 · Entitlement to credit; amount of credit
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