Indiana § 6-3.1-11-24 Pass through entities

Indiana Statutes

§ 6-3.1-11-24 — Pass through entities

Indiana § 6-3.1-11-24

Art. 3.1STATE TAX LIABILITY CREDITS

Ch. 11Industrial Recovery Tax Credit

This text of Indiana § 6-3.1-11-24 (Pass through entities) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 6-3.1-11-24 (2026).

Text

(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 m

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(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.