Indiana § 6-3.1-29-20.7 Findings; election to receive refundable credit

Indiana Statutes

§ 6-3.1-29-20.7 — Findings; election to receive refundable credit

Indiana § 6-3.1-29-20.7

Art. 3.1STATE TAX LIABILITY CREDITS

Ch. 29Coal Gasification Technology Investment Tax Credit

This text of Indiana § 6-3.1-29-20.7 (Findings; election to receive refundable credit) 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 § 6-3.1-29-20.7 (2026).

Text

7.

(a)The findings in IC 4-4-11.6-12 (before its repeal) are incorporated by reference into this section. The general assembly further finds that the refundable credit provided by this section is also necessary to achieve the purposes set forth in IC 4-4-11.6-12 (before its repeal).

(b)This section applies to a taxpayer that:

(1)makes a qualified investment in an integrated coal gasification powerplant; and

(2)entered into a contract to sell substitute natural gas (as defined in IC 4-4-11.6-11) (before its repeal) to the Indiana finance authority under IC 4-4-11.6 (before its repeal).

(c)Notwithstanding anything in this chapter to the contrary, a taxpayer may elect in the manner prescribed by the department to take and receive all credits to which the taxpayer is entitled under sectio

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7. (a) The findings in IC 4-4-11.6-12
(before its repeal) are incorporated by reference into this section. The
general assembly further finds that the refundable credit provided by
this section is also necessary to achieve the purposes set forth in IC 4-4-11.6-12 (before its repeal).
(b) This section applies to a taxpayer that:
(1) makes a qualified investment in an integrated coal gasification
powerplant; and
(2) entered into a contract to sell substitute natural gas (as defined
in IC 4-4-11.6-11) (before its repeal) to the Indiana finance
authority under IC 4-4-11.6 (before its repeal).
(c) Notwithstanding anything in this chapter to the contrary, a
taxpayer may elect in the manner prescribed by the department to take
and receive all credits to which the taxpayer is entitled under section
15 of this chapter (without regard to section 16 of this chapter) as a
refundable credit against the taxpayer's state tax liability, if any, over
a period of twenty (20) taxable years, beginning not later than the
taxable year in which the taxpayer places into service its integrated coal
gasification powerplant. If, in a taxable year, a taxpayer that makes an
election under this subsection has no state tax liability, the department
shall pay to the taxpayer the full amount of the refundable credit for
that taxable year.
(d) The amount of a credit to which a taxpayer that makes an
election under subsection (c) is entitled for a particular taxable year
equals the result determined under STEP FOUR:
STEP ONE: Determine the total credit amount to which the
taxpayer is entitled under section 15 of this chapter (without
regard to section 16 of this chapter).
STEP TWO: Divide the STEP ONE amount by twenty (20).
STEP THREE: Determine the ratio of Indiana coal to total coal
used in the taxpayer's integrated coal gasification powerplant in
the taxable year.
STEP FOUR: Multiply the STEP TWO and STEP THREE
amounts.
(e) A taxpayer shall claim a refund under this section in the manner
provided by the department. The department shall pay the refunded
amount to the taxpayer not more than ninety (90) days after the date on
which the refund is claimed.
(f) The shareholders, members, or partners of a pass through entity
that makes an election under subsection (c) are not entitled to a credit
allowed under section 20(b) of this chapter.
(g) A credit allowed under this section is not assignable under
section 20.5 of this chapter.