§ 6-3.1-29-16 — Limitations on use of credit

Indiana § 6-3.1-29-16

• Jurisdiction: Indiana
• Art. 3.1: STATE TAX LIABILITY CREDITS
• Ch. 29: Coal Gasification Technology Investment Tax Credit

Text

(a) A credit awarded under section 15 of
this chapter must be taken in ten (10) annual installments, beginning
with the year in which the taxpayer places into service an integrated
coal gasification powerplant or a fluidized bed combustion technology.
(b) Subject to section 20 of this chapter, the amount of an annual
installment of the credit awarded under section 15 of this chapter is
equal to the amount determined in the last of the following STEPS:
STEP ONE: Determine the lesser of:
(A) the credit amount determined under section 15 of this
chapter, divided by ten (10); or
(B) the greater of:
(i) the taxpayer's total state tax liability for the taxable year,
multiplied by twenty-five percent (25%); or
(ii) the taxpayer's liability for the utility receipts tax imposed
under IC 6-2.3 (before its repeal) for the taxable year.
STEP TWO: Multiply the STEP ONE amount by the percentage
of Indiana coal used in the taxpayer's integrated coal gasification
powerplant or fluidized bed combustion technology in the taxable
year for which the annual installment of the credit is allowed.
(c) If the credit allowed by this chapter is available to a member of
an affiliated group of corporations filing a consolidated return under IC 6-2.3-6-5 (before its repeal) or IC 6-3-4-14, the credit shall be applied
against the state tax liability of the affiliated group.

Legislative History

As added by P.L.191-2005, SEC.15. Amended by P.L.122-2006, SEC.14; P.L.138-2022, SEC.11.