§ 6-3.1-11-24 — Pass through entities

(a) If a pass through entity does not have
state income tax liability against which the tax credit provided by this
chapter may be applied, a shareholder, partner, or member of the pass
through entity is entitled to a tax credit equal to:
(1) the tax credit determined for the pass through entity for the
taxable year; multiplied by
(2) the percentage of the pass through entity's distributive income
to which the shareholder, partner, or member is entitled.
(b) The credit provided under subsection (a) is in addition to a tax
credit to which a shareholder, partner, or member of a pass through
entity is otherwise entitled under this chapter.
(c) Notwithstanding subsections (a) and (b), a pass through entity
(other than an entity described in IC 6-3-1-35(1)) and its partners,
beneficiaries, or members may allocate the credit among its partners,
beneficiaries, or members of the pass through entity as provided by
written agreement without regard to their sharing of other tax or
economic attributes. Such agreements shall be filed with the
corporation not later than fifteen (15) days after execution. The pass
through entity shall also provide a copy of such agreements, a list of
partners, beneficiaries, or members of the pass through entity, and their
respective shares of the credit resulting from such agreements in the
manner prescribed by the department of state revenue. However, this
subsection applies only to a project that is located in a redevelopment
project area, an economic development area, or an urban renewal
project area and that includes, as part of the project, the use and
repurposing of two (2) or more buildings and structures that are:
(1) at least seventy-five (75) years old; and
(2) located at a site at which manufacturing previously occurred
over a period of at least seventy-five (75) years.

Legislative History

As added by P.L.166-2014, SEC.13. Amended by P.L.212-2018(ss), SEC.25.