§ 5-28-6-9 — Annual aggregate applicable tax credit limit

(a) Subject to subsection (c), the aggregate
amount of applicable tax credits that the corporation may certify:
(1) for each state fiscal year ending on or before June 30, 2025,
for all taxpayers is two hundred fifty million dollars
($250,000,000); and
(2) for each state fiscal year ending on or after July 1, 2025, for all
taxpayers is three hundred million dollars ($300,000,000). Each
certification under this subdivision is subject to budget committee
review.
(b) For purposes of determining the amount of applicable tax credits
that have been certified for a state fiscal year, the following apply:
(1) An applicable tax credit is considered awarded in the state
fiscal year in which the taxpayer can first claim the credit,
determined without regard to any carryforward period or
carryback period.
(2) An applicable tax credit awarded by the corporation before
July 1, 2022, shall be counted toward the aggregate credit
limitation under this section.
(3) If an accelerated credit is awarded under IC 6-3.1-26-15, the
amount counted toward the aggregate credit limitation under this
section for a state fiscal year shall be the amount of the credit for
the taxable year described in subdivision (1) prior to any discount.
(c) Notwithstanding subsection (a), if the corporation determines
that:
(1) an applicable tax credit should be certified in a state fiscal
year; and
(2) certification of the applicable tax credit will result in an
aggregate amount of applicable tax credits certified for that state
fiscal year that exceeds the maximum amount provided in
subsection (a);
the corporation may, after review by the budget committee, certify the
applicable tax credit to the taxpayer.
(d) This section expires December 31, 2032.

Legislative History

As added by P.L.135-2022, SEC.3. Amended by P.L.201-2023, SEC.85; P.L.213-2025, SEC.69.