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

Indiana § 6-3.1-24-11

• Jurisdiction: Indiana
• Art. 3.1: STATE TAX LIABILITY CREDITS
• Ch. 24: Venture Capital Investment Tax Credit

Text

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.

Legislative History

As added by P.L.192-2002(ss), SEC.119. Amended by P.L.158-2019, SEC.13.