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Indiana Code — Title 6 (Taxation)

IC 6-3.1-9-5

Amount of tax credits allowed

Official textiga.in.govlast amended

Sec. 5.

# (a)

The amount of tax credits allowed under this chapter may not exceed two million five hundred thousand dollars ($2,500,000) in the state fiscal year beginning July 1, 1997, and ending June 30, 1998, and each state fiscal year thereafter.

# (b)

The department shall record the time of filing of each tax return claiming the credit under section 4 of this chapter and shall approve the credit if the business firm or person otherwise qualifies for a tax credit under this chapter, in the chronological order in which the tax return claiming the credit is filed in the state fiscal year.

# (c)

When the total credits approved under this section equal the maximum amount allowable in any state fiscal year, no credits thereafter filed for that same fiscal year shall be approved.
As added by P.L.51-1984, SEC.1. Amended by P.L.95-1995, SEC.1; P.L.64-1997, SEC.1;
P.L.124-2024, SEC.18.

Amendment history

As added by P.L.51-1984, SEC.1. Amended by P.L.95-1995, SEC.1; P.L.64-1997, SEC.1; P.L.124-2024, SEC.18.

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Nearby sections (25 sections)
  1. 6-3.1-7-1 · Definitions
  2. 6-3.1-7-2 · Eligible taxpayers; amount of credit; pass through entities
  3. 6-3.1-7-3 · Credit carryover
  4. 6-3.1-7-4 · Credit; allocation to state tax liability
  5. 6-3.1-7-5 · Claiming of credit on annual state tax return
  6. 6-3.1-7-6 · Disallowance of credit
  7. 6-3.1-7-7 · Tax credit report
  8. 6-3.1-7-8 · Program expiration; treatment of credit carryovers
  9. 6-3.1-9-1 · Definitions
  10. 6-3.1-9-2 · Eligible persons; application for allocation of tax credits;
  11. 6-3.1-9-3 · Amount of credit; application; pass through entities;
  12. 6-3.1-9-4 · Documentation for credit; form; contents; priority…
  13. 6-3.1-9-5 · Amount of tax credits allowed
  14. 6-3.1-9-6 · Allowable years of credit
  15. 6-3.1-10-1 · "Enterprise zone" defined
  16. 6-3.1-10-1.7 · "Pass through entity" defined
  17. 6-3.1-10-2 · "Qualified investment" defined
  18. 6-3.1-10-2.5 · "SIC Manual" defined
  19. 6-3.1-10-3 · "State tax liability" defined
  20. 6-3.1-10-4 · "Taxpayer" defined
  21. 6-3.1-10-5 · "Transfer ownership" defined
  22. 6-3.1-10-6 · Credit for qualified investment; amount
  23. 6-3.1-10-6.5 · Pass through entity; credit
  24. 6-3.1-10-7 · Carryover of excess credit
  25. 6-3.1-10-8 · Qualifying for credit; request for determination; findings;
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