§ 6-3.1-17.1-8 — Pass through entity; shareholder; partner; or member

Indiana § 6-3.1-17.1-8

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

Text

(a) If a pass through entity is awarded a
credit under section 7 of this chapter but does not have state tax
liability against which the credit may be applied, a shareholder, partner,
or member of the pass through entity may receive a credit equal to:
(1) the 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 credit
a shareholder, partner, or member of a pass through entity is otherwise
awarded under this chapter. However, a pass through entity and a
shareholder, partner, or member of the pass through entity may not
claim more than one (1) credit for the same qualified expenditure.
(c) A pass through entity (other than a pass through entity described
in section 2(1) of this chapter) 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. The
pass through entity shall provide to the department 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.

Legislative History

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