Indiana Code — Title 6 (Taxation)
IC 6-3.1-4-7
Pass through entity; shareholder, partner, or member
Sec. 7. (a) If a pass through entity does not have state income tax liability against which the research expense tax credit may be applied, a shareholder, partner, or member of the pass through entity is entitled to a research expense tax credit equal to:
# (1)
the research expense 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, or member is entitled.
(b) The credit provided under subsection (a) is in addition to a research expense tax credit to which a shareholder, partner, or member of a pass through entity is otherwise entitled under this chapter. However, a pass through entity and a shareholder, partner, or member of the pass through entity may not claim a credit under this chapter for the same qualified research expenses.
As added by P.L.57-1990, SEC.6. Amended by P.L.193-2005, SEC.15.
Amendment history
As added by P.L.57-1990, SEC.6. Amended by P.L.193-2005, SEC.15.
Source: view the official text
Nearby sections (25 sections)
- 6-3.1-1-1 · Definitions; application
- 6-3.1-1-2 · Order of application
- 6-3.1-1-3 · Limitation on number of credits granted; election by…
- 6-3.1-1-4 · Effect of repeal of tax credit statute on carrying over…
- 6-3.1-1-5 · Riverboat building tax credit allowed despite repeal of tax
- 6-3.1-4-1 · Definitions
- 6-3.1-4-2 · Amount of credit; computation
- 6-3.1-4-2.5 · Amount of credit; alternative computation
- 6-3.1-4-3 · Unused credits carried forward
- 6-3.1-4-4 · Application of Internal Revenue Code provisions
- 6-3.1-4-5 · Qualified research expenses; determination
- 6-3.1-4-6 · Federal credit expiration date inapplicable
- 6-3.1-4-7 · Pass through entity; shareholder, partner, or member
- 6-3.1-4-8 · Disclosure of reasons for not claiming the federal credit
- 6-3.1-7-1 · Definitions
- 6-3.1-7-2 · Eligible taxpayers; amount of credit; pass through entities
- 6-3.1-7-3 · Credit carryover
- 6-3.1-7-4 · Credit; allocation to state tax liability
- 6-3.1-7-5 · Claiming of credit on annual state tax return
- 6-3.1-7-6 · Disallowance of credit
- 6-3.1-7-7 · Tax credit report
- 6-3.1-7-8 · Program expiration; treatment of credit carryovers
- 6-3.1-9-1 · Definitions
- 6-3.1-9-2 · Eligible persons; application for allocation of tax credits;
- 6-3.1-9-3 · Amount of credit; application; pass through entities;