Indiana § 6-3.1-29-20 Allocation of credit among shareholders, partners, and members

Indiana Statutes

§ 6-3.1-29-20 — Allocation of credit among shareholders, partners, and members

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

(a)This section applies if a qualified investment is made by a pass through entity or by taxpayers who are co-owners of an integrated coal gasification powerplant or a fluidized bed combustion technology.

(b)If the credit allowed by this chapter for a taxable year is greater than the state tax liability of the pass through entity against which the tax credit may be applied, a shareholder, partner, or member of the pass through entity is entitled to a tax credit equal to:

(1)the tax credit determined for the pass through entity for the taxable year in excess of the pass through entity's state tax liability for the taxable year; multiplied by

(2)in the case of a pass through entity described in:

(i)section 9(1), 9(2), 9(3), or 9(4) of this chapter, the percentage of the pass through ent

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(a) This section applies if a qualified
investment is made by a pass through entity or by taxpayers who are
co-owners of an integrated coal gasification powerplant or a fluidized
bed combustion technology.
(b) If the credit allowed by this chapter for a taxable year is greater
than the state tax liability of the pass through entity against which the
tax credit may be applied, a shareholder, partner, or member of the pass
through entity is entitled to a tax credit equal to:
(1) the tax credit determined for the pass through entity for the
taxable year in excess of the pass through entity's state tax liability
for the taxable year; multiplied by
(2) in the case of a pass through entity described in:
(i) section 9(1), 9(2), 9(3), or 9(4) of this chapter, the
percentage of the pass through entity's distributive income to
which the shareholder, partner, or member is entitled; and
(ii) section 9(5) or 9(6) of this chapter, the relative percentage
of the corporation's patronage dividends allocable to the
member for the taxable year.
(c) If an integrated coal gasification powerplant or a fluidized bed
combustion technology is co-owned by two (2) or more taxpayers, the
amount of the credit that may be allowed to a co-owner in a taxable
year is equal to:
(1) the tax credit determined under sections 15 and 16 of this
chapter with respect to the total qualified investment in the
integrated coal gasification powerplant or fluidized bed
combustion technology; multiplied by
(2) the co-owner's percentage of ownership in the integrated coal
gasification powerplant or fluidized bed combustion technology.
(d) The amount of an annual installment of the credit allowed to a
shareholder, partner, or member of a pass through entity or a co-owner
shall be determined under section 16 of this chapter modified as
follows:
(1) Section 16(b) STEP ONE (A) of this chapter shall be based on
the percentage of the credit allowed to the shareholder, partner,
member, or co-owner under this section.
(2) Section 16(b) STEP ONE (B) of this chapter shall be based on
the:
(A) state tax liability; or
(B) utilities receipts tax liability;
of the shareholder, partner, member, or co-owner.

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