§ 6-3.1-19-2 — "Qualified investment"

Indiana § 6-3.1-19-2

• Jurisdiction: Indiana
• Art. 3.1: STATE TAX LIABILITY CREDITS
• Ch. 19: Community Revitalization Enhancement District Tax

Text

(a) As used in this chapter, "qualified
investment" means the amount of a taxpayer's expenditures that is:
(1) for redevelopment or rehabilitation of property located within
a community revitalization enhancement district designated under
IC 36-7-13;
(2) made under a plan adopted by an advisory commission on
industrial development under IC 36-7-13; and
(3) approved by the Indiana economic development corporation
before the expenditure is made.
Beginning after December 31, 2015, the term does not include a
taxpayer's expenditures made on property that is classified as
residential for property tax purposes, except for expenditures that were
approved by the Indiana economic development corporation before
January 1, 2016.
(b) Notwithstanding subsection (a)(1), expenditures for the
redevelopment or rehabilitation of property that are made after the
expiration of the community revitalization district designated under IC 36-7-13 may still be considered a qualified investment if:
(1) subsection (a)(2) and (a)(3) are satisfied;
(2) the Indiana economic development corporation approves the
taxpayer's application for a credit before the expiration of the
community revitalization enhancement district; and
(3) the taxpayer enters into an agreement with the Indiana
economic development corporation not later than one (1) year
after the expiration of the community revitalization enhancement
district.

Legislative History

As added by P.L.125-1998, SEC.3. Amended by P.L.4-2005, SEC.94; P.L.250-2015, SEC.28; P.L.158-2019, SEC.12.