Indiana § 6-3.1-24-7 Certification of qualified Indiana business; forms; fee

Indiana Statutes

§ 6-3.1-24-7 — Certification of qualified Indiana business; forms; fee

Indiana § 6-3.1-24-7

Art. 3.1STATE TAX LIABILITY CREDITS

Ch. 24Venture Capital Investment Tax Credit

This text of Indiana § 6-3.1-24-7 (Certification of qualified Indiana business; forms; fee) 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 § 6-3.1-24-7 (2026).

Text

(a)The Indiana economic development corporation shall certify that a business is a qualified Indiana business if the corporation determines that the business:

(1)has its headquarters in Indiana;

(2)is primarily focused on professional motor vehicle racing, commercialization of research and development, technology transfers, or the application of new technology, or is determined by the Indiana economic development corporation to have significant potential to:

(A)bring substantial capital into Indiana;

(B)create jobs;

(C)diversify the business base of Indiana; or

(D)significantly promote the purposes of this chapter in any other way;

(3)has had average annual revenues of less than ten million dollars ($10,000,000) in the two (2) years preceding the year in which the business received

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(a) The Indiana economic development
corporation shall certify that a business is a qualified Indiana business
if the corporation determines that the business:
(1) has its headquarters in Indiana;
(2) is primarily focused on professional motor vehicle racing,
commercialization of research and development, technology
transfers, or the application of new technology, or is determined
by the Indiana economic development corporation to have
significant potential to:
(A) bring substantial capital into Indiana;
(B) create jobs;
(C) diversify the business base of Indiana; or
(D) significantly promote the purposes of this chapter in any
other way;
(3) has had average annual revenues of less than ten million
dollars ($10,000,000) in the two (2) years preceding the year in
which the business received qualified investment capital from a
taxpayer claiming a credit under this chapter;
(4) has:
(A) at least fifty percent (50%) of its employees residing in
Indiana; or
(B) at least seventy-five percent (75%) of its assets located in
Indiana; and
(5) is not engaged in a business involving:
(A) real estate;
(B) real estate development;
(C) insurance;
(D) professional services provided by an accountant, a lawyer,
or a physician;
(E) retail sales, except when the primary purpose of the
business is the development or support of electronic commerce
using the Internet; or
(F) oil and gas exploration.
(b) A business shall apply to be certified as a qualified Indiana
business on a form prescribed by the Indiana economic development
corporation.
(c) If a business is certified as a qualified Indiana business under
this section, the Indiana economic development corporation shall
provide a copy of the certification to the investors in the qualified
Indiana business for inclusion in tax filings.
(d) Except as provided in subsection (e), the Indiana economic
development corporation may impose an application fee of not more
than two hundred dollars ($200).
(e) The Indiana economic development corporation may not impose
the application fee authorized by subsection (d) for applications
submitted during the period beginning July 1, 2011, and ending June
30, 2013.