§ 6-1.1-8.2-5 — Determination of amount of credit

Indiana § 6-1.1-8.2-5

• Jurisdiction: Indiana
• Art. 1.1: PROPERTY TAXES
• Ch. 8.2: Credit for Railroad Car Maintenance and

Text

(a) Subject to subsection (b), the amount of
the credit that a taxpayer is entitled to under section 4 of this chapter
for a particular calendar year is equal to the lesser of:
(1) twenty-five percent (25%) of the qualified expenditures made
by the taxpayer in the calendar year immediately preceding the
calendar year in which the tax liability is imposed; or
(2) the taxpayer's total tax liability for the calendar year.
(b) The total amount of credits provided under this chapter in a
calendar year may not exceed two million eight hundred thousand
dollars ($2,800,000). If the total amount of credits applied for in a
calendar year exceeds the maximum provided under this subsection,
each taxpayer's credit shall be reduced by an amount determined under
the following STEPS:
STEP ONE: Divide the maximum amount of credits provided by
this chapter for the year by the total amount of credits applied for
under this chapter for the year.
STEP TWO: Multiply the STEP ONE result by the total amount
of credits applied for by the taxpayer for the year.

Legislative History

As added by P.L.253-1999, SEC.2.