§ 6-3.1-34-11 — Application; amount of credit; pass through entity

Indiana § 6-3.1-34-11

• Jurisdiction: Indiana
• Art. 3.1: STATE TAX LIABILITY CREDITS
• Ch. 34: Redevelopment Tax Credit

Text

(a) Subject to IC 5-28-6-9, a taxpayer may
claim a credit against the taxpayer's state tax liability for a taxable year
only if the corporation awards a credit to the taxpayer and enters into
an agreement with the taxpayer as set forth under this chapter. The
corporation may establish an application period for applying for
awards. If an application period is established, the corporation shall
establish policies and procedures necessary to administer the
application period. The corporation may deny an application for a
credit under this chapter in its sole discretion. A taxpayer may not seek
judicial review of a decision by the corporation to deny a taxpayer's
application for a credit.
(b) The amount of the credit that a taxpayer may claim is equal to:
(1) the qualified investment made by the taxpayer and certified
and approved by the corporation in accordance with an agreement
entered into under section 17 of this chapter for a taxable year;
multiplied by
(2) the applicable credit percentage determined by the corporation
under section 17(b) and 17(c) of this chapter.
(c) If a pass through entity may claim a credit under this section but
does not have state tax liability against which the tax credit may be
applied, a shareholder, partner, beneficiary, or member of the pass
through entity may claim a credit equal to:
(1) the credit determined for the pass through entity for the
taxable year; multiplied by
(2) the percentage of the pass through entity's distributive income
that the shareholder, partner, beneficiary, or member may claim.
The credit provided under this subsection is in addition to a credit that
a shareholder, partner, beneficiary, or member of a pass through entity
may claim. However, a pass through entity and a shareholder, partner,
beneficiary, or member of a pass through entity may not claim more
than one (1) credit for the qualified investment.
(d) Notwithstanding subsections (a), (b), and (c), a pass through
entity (other than an entity described in IC 6-3-1-35(1)) and its
partners, beneficiaries, or members may allocate the credit among its
partners, beneficiaries, or members of the pass through entity as
provided by written agreement without regard to their sharing of other
tax or economic attributes. Such agreements shall be filed with the
corporation not later than fifteen (15) days after execution. The pass
through entity shall also provide a copy of such agreements, a list of
partners, beneficiaries, or members of the pass through entity, and their
respective shares of the credit resulting from such agreements in the
manner prescribed by the department of state revenue.

Legislative History

As added by P.L.158-2019, SEC.29. Amended by P.L.159-2021, SEC.19; P.L.213-2025, SEC.82.