Indiana § 6-3.1-34-12 Allocation of credit against taxes owed; order; computation

Indiana Statutes

§ 6-3.1-34-12 — Allocation of credit against taxes owed; order; computation

Indiana·Art. 3.1 STATE TAX LIABILITY CREDITS·Ch. 34 Redevelopment Tax Credit

(a)A tax credit that a taxpayer may claim under this chapter shall be applied against taxes owed by the taxpayer in the following order:

(1)First, against the taxpayer's adjusted gross income tax liability (IC 6-3-1 through IC 6-3-7) for the taxable year.

(2)Second, against the taxpayer's insurance premiums tax liability (IC 27-1-18-2) or nonprofit agricultural organization health coverage tax liability (IC 6-8-15) for the taxable year.

(3)Third, against the taxpayer's financial institutions tax liability (IC 6-5.5) for the taxable year.

(b)If the tax paid by the taxpayer under a tax provision listed in subsection (a) is a credit against the liability or a deduction in determining the tax base under another Indiana tax provision, the credit or deduction shall be computed without regar

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(a) A tax credit that a taxpayer may claim
under this chapter shall be applied against taxes owed by the taxpayer
in the following order:
(1) First, against the taxpayer's adjusted gross income tax liability
(IC 6-3-1 through IC 6-3-7) for the taxable year.
(2) Second, against the taxpayer's insurance premiums tax liability
(IC 27-1-18-2) or nonprofit agricultural organization health
coverage tax liability (IC 6-8-15) for the taxable year.
(3) Third, against the taxpayer's financial institutions tax liability
(IC 6-5.5) for the taxable year.
(b) If the tax paid by the taxpayer under a tax provision listed in
subsection (a) is a credit against the liability or a deduction in
determining the tax base under another Indiana tax provision, the credit
or deduction shall be computed without regard to the credit to which a
taxpayer may claim under this chapter.

Indiana § 6-3.1-34-12 (Allocation of credit against taxes owed; order; computation) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.