(a)Subject to subsection (d) and (g), a
taxpayer may carry forward an unused credit for the number of years
determined by the corporation, not to exceed nine (9) consecutive
taxable years, beginning with the taxable year after the taxable year in
which the taxpayer makes the qualified investment.
(b)The amount that a taxpayer may carry forward to a particular
taxable year under this section equals the unused part of a tax credit
allowed under this chapter.
(c)A taxpayer may:
(1)claim a tax credit under this chapter for a qualified
investment; and
(2)carry forward a remainder for one (1) or more different
qualified investments;
in the same taxable year.
(d)This subsection applies only to a taxpayer that:
(1)is not a pass through entity;
(2)proposes at least five hundred million doll
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(a) Subject to subsection (d) and (g), a
taxpayer may carry forward an unused credit for the number of years
determined by the corporation, not to exceed nine (9) consecutive
taxable years, beginning with the taxable year after the taxable year in
which the taxpayer makes the qualified investment.
(b) The amount that a taxpayer may carry forward to a particular
taxable year under this section equals the unused part of a tax credit
allowed under this chapter.
(c) A taxpayer may:
(1) claim a tax credit under this chapter for a qualified
investment; and
(2) carry forward a remainder for one (1) or more different
qualified investments;
in the same taxable year.
(d) This subsection applies only to a taxpayer that:
(1) is not a pass through entity;
(2) proposes at least five hundred million dollars ($500,000,000)
in total investment over a five (5) year period; and
(3) enters into a written agreement with the corporation under this
subsection before January 1, 2017, and agrees to claim tax credits
under this chapter for not more than one hundred seventy million
dollars ($170,000,000) of qualified investment that is made as
part of the investment proposed as described in subdivision (2).
If a tax credit awarded under this chapter exceeds a taxpayer's state
income tax liability for the taxable year, notwithstanding subsection
(a), the corporation may accelerate to that taxable year the excess
amount of the tax credit that could otherwise be carried forward under
subsection (a). The excess amount of the tax credit accelerated under
this subsection shall be discounted as determined under a written
agreement entered into by the taxpayer and the corporation. The
discounted amount of the excess tax credit accelerated under this
subsection as determined by the corporation may be remitted to the
taxpayer as provided in the written agreement between the corporation
and the taxpayer. Subject to subsection (f), the total amount of qualified
investments for which tax credits may be accelerated under this
subsection may not exceed one hundred seventy million dollars
($170,000,000). The requirement for an agreement under section
21(11) of this chapter does not apply to this subsection. This subsection
expires December 31, 2025.
(e) A written agreement under subsection (d) may contain a
provision for payment of liquidated damages:
(1) to the corporation for failure to comply with the conditions set
forth in this chapter and the agreement entered into by the
corporation and taxpayer under this chapter; and
(2) that are in addition to an assessment made by the department
for noncompliance under section 23 of this chapter.
This subsection expires December 31, 2025.
(f) The total aggregated amount of tax credits that the corporation
may discount under subsection (d) and section 16(d) of this chapter in
a state fiscal year may not exceed seventeen million dollars
($17,000,000), as determined before the discount is applied. This
subsection expires December 31, 2025.
(g) This subsection applies only to a taxpayer that:
(1) is not a pass through entity;
(2) proposes at least two hundred fifty million dollars
($250,000,000) in total investment over a five (5) year period; and
(3) enters into a written agreement with the corporation under this
subsection before July 1, 2022, and agrees to claim tax credits
under this chapter for not more than one hundred seventy million
dollars ($170,000,000) of qualified investment that is made as
part of the investment proposed as described in subdivision (2).
If a tax credit awarded under this chapter exceeds a taxpayer's state
income tax liability for the taxable year, notwithstanding subsection
(a), the corporation may accelerate to that taxable year the excess
amount of the tax credit that could otherwise be carried forward under
subsection (a). The excess amount of the tax credit accelerated under
this subsection shall be discounted as determined under a written
agreement entered into by the taxpayer and the corporation. The
discounted amount of the excess tax credit accelerated under this
subsection as determined by the corporation may be remitted to the
taxpayer as provided in the written agreement between the corporation
and the taxpayer. Subject to subsection (i), the total amount of qualified
investments for which tax credits may be accelerated under this
subsection may not exceed one hundred seventy million dollars
($170,000,000). The requirement for an agreement under section
21(11) of this chapter does not apply to this subsection. This subsection
expires December 31, 2031.
(h) A written agreement under subsection (g) may contain a
provision for payment of liquidated damages:
(1) to the corporation for failure to comply with the conditions set
forth in this chapter and the agreement entered into by the
corporation and taxpayer under this chapter; and
(2) that are in addition to an assessment made by the department
for noncompliance under section 23 of this chapter.
This subsection expires December 31, 2031.
(i) The total aggregated amount of tax credits that the corporation
may discount under subsection (g) and section 16(g) of this chapter in
a state fiscal year may not exceed seventeen million dollars
($17,000,000), as determined before the discount is applied. This
subsection expires December 31, 2031.