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

Indiana § 6-3.1-34-12

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

Text

(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.

Legislative History

As added by P.L.158-2019, SEC.29. Amended by P.L.154-2020, SEC.25.