Claiming credit on tax return; certified list of physicians; proof

# (1)

the physician owned medical practice must apply for the department's approval of the tax credit for its owners for a calendar year in the manner prescribed by the department after June 30 of that calendar year, but not later than June 30 of the subsequent calendar year;

# (2)

the physician owned medical practice must submit with the application a certified list of each of the physicians who has an ownership interest in the legal entity described in section 6 of this chapter and any additional information that the department determines is necessary for the calculation of the credit under this chapter;

# (3)

the taxpayer must attach proof of the department's approval of the tax credit to the taxpayer's state tax return or returns; and

# (4)

the taxpayer must claim the approved tax credit on the taxpayer's state tax return or returns in the manner prescribed by the department.

(b) The department shall record the time of filing of each application for the department's approval of a tax credit and shall, except as provided in subsection (c), approve granting the

credit to the taxpayer, if the taxpayer otherwise qualifies for a credit under this chapter, in the chronological order in which the application for the department's approval is filed in the year.

(c) If the total credits approved under this section equal the maximum amount allowable in the year, the department may not approve an application for the credit filed later in that year.
As added by P.L.230-2025, SEC.77.