§ 6-3.1-29-19 — Terms of required agreement; certificate of compliance

Indiana § 6-3.1-29-19

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

Text

(a) The corporation shall enter into an
agreement with an applicant that is awarded a credit under this chapter.
The agreement must include all the following:
(1) A detailed description of the project that is the subject of the
agreement.
(2) The first taxable year for which the credit may be claimed.
(3) The maximum tax credit amount that will be allowed for each
taxable year.
(4) A requirement that the taxpayer shall maintain operations at
the project location for at least ten (10) years during the term that
the tax credit is available.
(5) If the facility is an integrated coal gasification powerplant, a
requirement that the taxpayer shall pay an average wage to its
employees at the integrated coal gasification powerplant, other
than highly compensated employees, in each taxable year that a
tax credit is available, that equals at least one hundred twenty-five
percent (125%) of the average county wage in the county in which
the integrated coal gasification powerplant is located.
(6) For a project involving a qualified investment in an integrated
coal gasification powerplant, a requirement that the taxpayer will
maintain at the location where the qualified investment is made,
during the term of the tax credit, a total payroll that is at least
equal to the payroll that existed on the date that the taxpayer
placed the integrated coal gasification powerplant into service.
(7) A requirement that:
(A) one hundred percent (100%) of the coal used:
(i) at the integrated coal gasification powerplant, for a project
involving a qualified investment in an integrated coal
gasification powerplant; or
(ii) as fuel in a fluidized bed combustion unit, in a project
involving a qualified investment in a fluidized bed
combustion technology, if the unit is dedicated primarily to
serving Indiana retail electric utility consumers;
must be Indiana coal, unless the applicant wishes to assign the
tax credit as allowed under section 20.5(c) of this chapter or
elects to receive a refundable tax credit under section 20.7 of
this chapter and the applicant certifies to the corporation that
partial use of other coal is necessary to result in lower rates for
Indiana retail utility customers; or
(B) seventy-five percent (75%) of the coal used as fuel in a
fluidized bed combustion unit must be Indiana coal, in a project
involving a qualified investment in a fluidized bed combustion
technology, if the unit is not dedicated primarily to serving
Indiana retail electric utility consumers.
(8) A requirement that the taxpayer obtain from the commission
a determination under IC 8-1-8.5-2 that public convenience and
necessity require, or will require:
(A) the construction of the taxpayer's integrated coal
gasification powerplant, in the case of a project involving a
qualified investment in an integrated coal gasification
powerplant; or
(B) the installation of the taxpayer's fluidized bed combustion
unit, in the case of a project involving a qualified investment in
a fluidized bed combustion technology.
(b) A taxpayer must comply with the terms of the agreement
described in subsection (a) to receive an annual installment of the tax
credit awarded under this chapter. The corporation shall annually
determine whether the taxpayer is in compliance with the agreement.
If the corporation determines that the taxpayer is in compliance, the
corporation shall issue a certificate of compliance to the taxpayer.

Legislative History

As added by P.L.191-2005, SEC.15. Amended by P.L.122-2006, SEC.16; P.L.175-2007, SEC.6; P.L.52-2008, SEC.1; P.L.182-2009(ss), SEC.203.