§ 6-3.1-22-15 — Maximum credit; restrictions

Indiana § 6-3.1-22-15

• Jurisdiction: Indiana
• Art. 3.1: STATE TAX LIABILITY CREDITS
• Ch. 22: Residential Historic Rehabilitation Credit

Text

(a) The amount of tax credits allowed under
this chapter may not exceed two hundred fifty thousand dollars
($250,000) in a state fiscal year beginning July 1, 2001, or thereafter.
(b) If the total credits approved by the office in a state fiscal year
under this chapter equal the maximum amount allowable in the state
fiscal year under subsection (a), the office shall not approve an
additional application for the credits in that state fiscal year.
(c) If a credit allowable under section 8 of this chapter results in
credits being granted in excess of the maximum amount allowable in
a state fiscal year under this section, the office shall approve a credit of
the maximum amount allowable under this section for that state fiscal
year minus the previously approved credits for that state fiscal year.
(d) For purposes of this section, a credit allowed for qualified
expenditures incurred before July 1, 2024, and approved by the office
before March 10, 2025, shall be treated as being allowed for a state
fiscal year beginning before July 1, 2024.

Legislative History

As added by P.L.129-2001, SEC.7. Amended by P.L.125-2025, SEC.3.