§ 6-3.1-17.1-7 — Amount of credit; computation

Indiana § 6-3.1-17.1-7

• Jurisdiction: Indiana
• Art. 3.1: STATE TAX LIABILITY CREDITS
• Ch. 17.1: Historic Rehabilitation Tax Credit

Text

(a) Subject to IC 5-28-6-9, the Indiana
economic development corporation may award a credit to a qualified
taxpayer against the qualified taxpayer's state tax liability in the taxable
year in which the qualified taxpayer completes restoration and
preservation of a qualified historic structure if the total amount of
qualified rehabilitation expenditures incurred by the qualified taxpayer
equals five thousand dollars ($5,000) or more.
(b) The amount of the credit is equal to:
(1) twenty-five percent (25%) of the qualified rehabilitation
expenditures that the qualified taxpayer makes for the restoration
and preservation of a qualified historic structure; or
(2) thirty percent (30%) of the qualified rehabilitation
expenditures that the qualified taxpayer makes for the restoration
and preservation of a qualified historic structure that is:
(A) owned by a taxpayer that is exempt from federal income
taxation under Section 501(c)(3) of the Internal Revenue Code;
or
(B) not income producing.
(c) If the Indiana economic development corporation awards credits
under this chapter, the department of state revenue and the office of
community and rural affairs shall administer the allowance of the
credits.

Legislative History

As added by P.L.236-2023, SEC.67.