Indiana § 6-3.1-20-7 Amount of credits determined by department and deposited in state
general fund; transfers to northwest Indiana regional development
authority

Indiana Statutes

§ 6-3.1-20-7 — Amount of credits determined by department and deposited in state general fund; transfers to northwest Indiana regional development authority

Indiana § 6-3.1-20-7

Art. 3.1STATE TAX LIABILITY CREDITS

Ch. 20Income Tax Credit for Property Taxes Paid on

This text of Indiana § 6-3.1-20-7 (Amount of credits determined by department and deposited in state general fund; transfers to northwest Indiana regional development authority) 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 § 6-3.1-20-7 (2026).

Text

(a)The department shall before July 1 of each year determine the following:

(1)The greater of:

(A)eight million five hundred thousand dollars ($8,500,000); or

(B)the amount of credits allowed under this chapter for taxable years ending before January 1 of the year.

(2)The quotient of:

(A)the amount determined under subdivision (1); divided by

(B)four (4).

(b)Except as provided in subsection (d), one-half (1/2) of the amount determined by the department under subsection (a)(2) shall be:

(1)deducted each quarter from the riverboat supplemental wagering tax revenue otherwise payable to the county under IC 4-33-12-8 and the supplemental distribution otherwise payable to the county under IC 4-33-13-5(f); and

(2)paid instead to the state general fund.

(c)Except as provided in subsecti

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(a) The department shall before July 1 of each
year determine the following:
(1) The greater of:
(A) eight million five hundred thousand dollars ($8,500,000);
or
(B) the amount of credits allowed under this chapter for taxable
years ending before January 1 of the year.
(2) The quotient of:
(A) the amount determined under subdivision (1); divided by
(B) four (4).
(b) Except as provided in subsection (d), one-half (1/2) of the
amount determined by the department under subsection (a)(2) shall be:
(1) deducted each quarter from the riverboat supplemental
wagering tax revenue otherwise payable to the county under IC 4-33-12-8 and the supplemental distribution otherwise payable to
the county under IC 4-33-13-5(f); and
(2) paid instead to the state general fund.
(c) Except as provided in subsection (d), one-sixth (1/6) of the
amount determined by the department under subsection (a)(2) shall be:
(1) deducted each quarter from the riverboat supplemental
wagering tax revenue otherwise payable under IC 4-33-12-8 and
the supplemental distribution otherwise payable under IC 4-33-13-5(f) to each of the following:
(A) The largest city by population located in the county.
(B) The second largest city by population located in the county.
(C) The third largest city by population located in the county;
and
(2) paid instead to the state general fund.
(d) If the amount determined by the department under subsection
(a)(1)(B) is less than eight million five hundred thousand dollars
($8,500,000), the difference of:
(1) eight million five hundred thousand dollars ($8,500,000);
minus
(2) the amount determined by the department under subsection
(a)(1)(B);
shall be paid in four (4) equal quarterly payments to the northwest
Indiana regional development authority established by IC 36-7.5-2-1
instead of the state general fund. Any amounts paid under this
subsection shall be used by the northwest Indiana regional
development authority only to establish or improve public mass rail
transportation systems in Lake County.

Legislative History

As added by P.L.151-2001, SEC.5. Amended by P.L.178-2002, SEC.51; P.L.166-2014, SEC.25; P.L.192-2015, SEC.4; P.L.255-2015, SEC.59; P.L.204-2016, SEC.26; P.L.108-2019, SEC.122; P.L.293-2019, SEC.44; P.L.156-2020, SEC.24.