Indiana § 6-3.1-24-11 Pass through entity; eligibility of owners, shareholders, or members for
credit

Indiana Statutes

§ 6-3.1-24-11 — Pass through entity; eligibility of owners, shareholders, or members for credit

Indiana·Art. 3.1 STATE TAX LIABILITY CREDITS·Ch. 24 Venture Capital Investment Tax Credit

If a pass through entity is entitled to a credit under section 6 of this chapter but does not have state 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. If any or all of the tax credit is passed through to a shareholder, partner, or member of a pass through entity, the amount of the tax credit that is passed through to a shareholder, partner, or member of a pass through entity may not be applied against the pass through entity's state tax liability, nor may the pass

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

If a pass through entity is entitled to a credit
under section 6 of this chapter but does not have state 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.
If any or all of the tax credit is passed through to a shareholder, partner,
or member of a pass through entity, the amount of the tax credit that is
passed through to a shareholder, partner, or member of a pass through
entity may not be applied against the pass through entity's state tax
liability, nor may the pass through entity assign any unused credit
under section 12(b) of this chapter as effective July 1, 2020.

Indiana § 6-3.1-24-11 (Pass through entity; eligibility of owners, shareholders, or members for credit) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.