§ 6-3.1-18-10 — Amount of tax credits allowed

Indiana § 6-3.1-18-10

• Jurisdiction: Indiana
• Art. 3.1: STATE TAX LIABILITY CREDITS
• Ch. 18: Individual Development Account Tax Credit

Text

(a) The amount of tax credits allowed under
this chapter may not exceed two hundred thousand dollars ($200,000)
in any state fiscal year.
(b) The department shall:
(1) record the time of filing of each tax return claiming the credit
under section 9 of this chapter; and
(2) approve the credit, if the business firm or person claiming the
credit otherwise qualifies for a tax credit under this chapter, in the
chronological order in which the tax return claiming the credit is
filed in the state fiscal year.
(c) When the total credits approved under this section equal the
maximum amount allowable in any state fiscal year, no credits
thereafter filed for that same fiscal year shall be approved.

Legislative History

As added by P.L.15-1997, SEC.2. Amended by P.L.289-2001, SEC.14; P.L.124-2024, SEC.27.