Indiana § 6-3.1-19-3 Entitlement to credit; amount; assignment

Indiana Statutes

§ 6-3.1-19-3 — Entitlement to credit; amount; assignment

Indiana § 6-3.1-19-3

Art. 3.1STATE TAX LIABILITY CREDITS

Ch. 19Community Revitalization Enhancement District Tax

This text of Indiana § 6-3.1-19-3 (Entitlement to credit; amount; assignment) 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 § 6-3.1-19-3 (2026).

Text

(a)Except as provided in section 5 of this chapter and subject to IC 5-28-6-9, a taxpayer is entitled to a credit against the taxpayer's state and local tax liability for a taxable year if the taxpayer makes a qualified investment in that year.

(b)The amount of the credit to which a taxpayer is entitled is the qualified investment made by the taxpayer during the taxable year multiplied by twenty-five percent (25%).

(c)A taxpayer may assign any part of the credit to which the taxpayer is entitled under this chapter to a lessee of property redeveloped or rehabilitated under section 2 of this chapter. A credit that is assigned under this subsection remains subject to this chapter.

(d)An assignment under subsection (c) must be in writing and both the taxpayer and the lessee must report the

Free access — add to your briefcase to read the full text and ask questions with AI

(a) Except as provided in section 5 of this
chapter and subject to IC 5-28-6-9, a taxpayer is entitled to a credit
against the taxpayer's state and local tax liability for a taxable year if
the taxpayer makes a qualified investment in that year.
(b) The amount of the credit to which a taxpayer is entitled is the
qualified investment made by the taxpayer during the taxable year
multiplied by twenty-five percent (25%).
(c) A taxpayer may assign any part of the credit to which the
taxpayer is entitled under this chapter to a lessee of property
redeveloped or rehabilitated under section 2 of this chapter. A credit
that is assigned under this subsection remains subject to this chapter.
(d) An assignment under subsection (c) must be in writing and both
the taxpayer and the lessee must report the assignment on their state tax
return for the year in which the assignment is made, in the manner
prescribed by the department. The taxpayer may not receive value in
connection with the assignment under subsection (c) that exceeds the
value of the part of the credit assigned.
(e) If a pass through entity is entitled to a credit under this chapter
but does not have state and local tax liability against which the tax
credit 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.
The credit provided under this subsection 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. However, a pass through entity
and an individual who is a shareholder, partner, or member of the pass
through entity may not claim more than one (1) credit for the same
investment.
(f) A taxpayer that is otherwise entitled to a credit under this chapter
for a taxable year may claim the credit regardless of whether any
income tax incremental amount or gross retail incremental amount has
been:
(1) deposited in the incremental tax financing fund established for
the community revitalization enhancement district; or
(2) allocated to the district.

Legislative History

As added by P.L.125-1998, SEC.3. Amended by P.L.224-2003, SEC.196; P.L.81-2004, SEC.29 and P.L.90-2004, SEC.1; P.L.113-2010, SEC.59; P.L.172-2011, SEC.64; P.L.213-2025, SEC.76.