Disallowance of credit

Official textiga.in.govlast amended 1984

Sec. 6.

# (a)

If the department determines that the proceeds from a loan are used for a purpose other than the purpose stated at the time a credit was claimed under this chapter for interest on that loan, and if that stated purpose caused the department to designate the loan as a qualified loan, then the department shall disallow the credit allowed under this chapter for interest on that loan.

# (b)

A taxpayer shall pay to the department the amount of any credit disallowed under this section.
As added by P.L.51-1984, SEC.1.

Amendment history

As added by P.L.51-1984, SEC.1.

Source: view the official text

Nearby sections (25 sections)

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;
6-3.1-9-4 · Documentation for credit; form; contents; priority…
6-3.1-9-5 · Amount of tax credits allowed
6-3.1-9-6 · Allowable years of credit
6-3.1-10-1 · "Enterprise zone" defined
6-3.1-10-1.7 · "Pass through entity" defined
6-3.1-10-2 · "Qualified investment" defined
6-3.1-10-2.5 · "SIC Manual" defined

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