Indiana § 6-3.1-24-12 Carryover of unused tax credit; assignment of all or part of the credit

Indiana Statutes

§ 6-3.1-24-12 — Carryover of unused tax credit; assignment of all or part of the credit

Indiana § 6-3.1-24-12

Art. 3.1STATE TAX LIABILITY CREDITS

Ch. 24Venture Capital Investment Tax Credit

This text of Indiana § 6-3.1-24-12 (Carryover of unused tax credit; assignment of all or part of the credit) 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 § 6-3.1-24-12 (2026).

Text

(a)If the amount of the credit determined under section 8 or 8.5 of this chapter for a taxpayer in a taxable year exceeds the taxpayer's state tax liability for that taxable year, the taxpayer may carry the excess credit over for a period not to exceed the taxpayer's following five (5) taxable years. The amount of the credit carryover from a taxable year shall be reduced to the extent that the carryover is used by the taxpayer to obtain a credit under this chapter for any subsequent taxable year. A taxpayer is not entitled to a carryback or a refund of any unused credit amount.

(b)If the corporation certifies a credit for an investment that is made after June 30, 2020, and before July 1, 2029, the taxpayer may assign all or part of the credit to which the taxpayer is entitled under this

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(a) If the amount of the credit determined
under section 8 or 8.5 of this chapter for a taxpayer in a taxable year
exceeds the taxpayer's state tax liability for that taxable year, the
taxpayer may carry the excess credit over for a period not to exceed the
taxpayer's following five (5) taxable years. The amount of the credit
carryover from a taxable year shall be reduced to the extent that the
carryover is used by the taxpayer to obtain a credit under this chapter
for any subsequent taxable year. A taxpayer is not entitled to a
carryback or a refund of any unused credit amount.
(b) If the corporation certifies a credit for an investment that is made
after June 30, 2020, and before July 1, 2029, the taxpayer may assign
all or part of the credit to which the taxpayer is entitled under this
chapter, subject to the limitations set forth in subsection (c).
(c) The following apply to the assignment of a credit under this
chapter:
(1) A taxpayer may not assign all or part of a credit or credits to
a particular person in amounts that are less than ten thousand
dollars ($10,000).
(2) Before a credit may be assigned, the taxpayer must notify the
corporation of the assignment of the credit in the manner
prescribed by the corporation.
(3) An assignment of a credit must be in writing, and both the
taxpayer and assignee shall report the assignment on the
taxpayer's and assignee's state tax returns for the year in which the
assignment is made, in the manner prescribed by the department.
(4) Once a particular credit or credits are assigned, the assignee
may not assign all or part of the credit or credits to another
person.
(5) A taxpayer may not receive value in connection with an
assignment under this section that exceeds the value of that part
of the credit assigned.
(d) The corporation shall collect and compile data on the
assignments of tax credits under this chapter and determine the
effectiveness of each assignment in getting projects completed. The
corporation shall report its findings under this subsection to the
legislative council in an electronic format under IC 5-14-6 before
November 1, 2022. This subsection expires January 1, 2023.