§ 6-3.1-11-16 — Credit for qualified investment; computation of amount; assignment of credit

Indiana § 6-3.1-11-16

• Jurisdiction: Indiana
• Art. 3.1: STATE TAX LIABILITY CREDITS
• Ch. 11: Industrial Recovery Tax Credit

Text

(a) Subject to entering into an agreement
with the corporation under section 19.5 of this chapter and subject to
section 21 of this chapter, a taxpayer is entitled to a credit against the
taxpayer's state tax liability for a taxable year if the taxpayer makes a
qualified investment as certified by the corporation for that year.
(b) The amount of the credit to which a taxpayer is entitled is the
qualified investment made by the taxpayer and certified by the
corporation for a taxable year multiplied by the applicable percentage.
(c) The taxpayer may assign any part of the credit that the taxpayer
may claim under this chapter. A credit that is assigned under this
subsection remains subject to this chapter. If a taxpayer assigns a part
of a credit during a taxable year, the assignee may not subsequently
assign all or part of the credit to another taxpayer. Nothing in this
subsection shall prohibit a taxpayer from making more than one (1)
assignment of any part of the credit, but a taxpayer may not assign the
same part of a credit more than once.
(d) Before a credit may be assigned, the taxpayer must notify the
corporation of the assignment of the credit in the manner prescribed by
the corporation. An assignment of a credit must be in writing, and both
the taxpayer and assignee shall report the assignment on the taxpayer's
and the assignee's state tax returns for the year in which the assignment
is made, in the manner prescribed by the department. A taxpayer may
not receive value in connection with an assignment under this section
that exceeds the value of the part of the credit assigned.

Legislative History

As added by P.L.379-1987(ss), SEC.11. Amended by P.L.8-1996, SEC.10; P.L.204-2016, SEC.22; P.L.74-2020, SEC.8; P.L.154-2020, SEC.14.