Indiana § 6-3.1-11-22 Application of credit against taxes owed; order; computation

Indiana Statutes

§ 6-3.1-11-22 — Application of credit against taxes owed; order; computation

Indiana·Art. 3.1 STATE TAX LIABILITY CREDITS·Ch. 11 Industrial Recovery Tax Credit

(a)A credit to which a taxpayer is entitled under this chapter shall be applied against taxes owed by the taxpayer in the following order:

(1)Against the taxpayer's adjusted gross income tax liability (IC 6-3-1 through IC 6-3-7) for the taxable year.

(2)Against the taxpayer's insurance premiums tax liability (IC 27-1-18-2) or nonprofit agricultural organization health coverage tax (IC 6-8-15) for the taxable year.

(3)Against the taxpayer's financial institutions tax (IC 6-5.5) for the taxable year.

(b)Whenever the tax paid by the taxpayer under any of the tax provisions listed in subsection (a) is a credit against the liability or a deduction in determining the tax base under another Indiana tax provision, the credit or deduction shall be computed without regard to the credit to which

Free access — add to your briefcase to read the full text and ask questions with AI

(a) A credit to which a taxpayer is entitled
under this chapter shall be applied against taxes owed by the taxpayer
in the following order:
(1) Against the taxpayer's adjusted gross income tax liability (IC 6-3-1 through IC 6-3-7) for the taxable year.
(2) Against the taxpayer's insurance premiums tax liability (IC 27-1-18-2) or nonprofit agricultural organization health coverage
tax (IC 6-8-15) for the taxable year.
(3) Against the taxpayer's financial institutions tax (IC 6-5.5) for
the taxable year.
(b) Whenever the tax paid by the taxpayer under any of the tax
provisions listed in subsection (a) is a credit against the liability or a
deduction in determining the tax base under another Indiana tax
provision, the credit or deduction shall be computed without regard to
the credit to which a taxpayer is entitled under this chapter.

Indiana § 6-3.1-11-22 (Application of credit against taxes owed; order; computation) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

As added by P.L.379-1987(ss), SEC.11. Amended by P.L.80-1989, SEC.11; P.L.347-1989(ss), SEC.17; P.L.1-1990, SEC.79; P.L.192-2002(ss), SEC.102; P.L.1-2003, SEC.37; P.L.154-2020, SEC.15.