Indiana § 6-3.1-34-14 Credit assignment

Indiana Statutes

§ 6-3.1-34-14 — Credit assignment

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

(a)If a taxpayer is awarded a credit under this chapter before July 1, 2029, the taxpayer may assign any part of the credit that the taxpayer may claim under this chapter. A credit that is assigned under this subsection remains subject to this chapter.

(b)If a taxpayer assigns a part of a credit during a taxable year, the assignee may not subsequently assign all or part of the credit to another taxpayer. A taxpayer may make only one (1) assignment of a credit. Before a credit may be assigned, the taxpayer must notify the corporation of the assignment of the credit in the manner prescribed by the corporation. An assignment of a credit must be in writing, and both the taxpayer and assignee shall report the assignment on the taxpayer's and assignee's state tax returns for the year in which

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(a) If a taxpayer is awarded a credit under
this chapter before July 1, 2029, the taxpayer may assign any part of the
credit that the taxpayer may claim under this chapter. A credit that is
assigned under this subsection remains subject to this chapter.
(b) If a taxpayer assigns a part of a credit during a taxable year, the
assignee may not subsequently assign all or part of the credit to another
taxpayer. A taxpayer may make only one (1) assignment of a credit.
Before a credit may be assigned, the taxpayer must notify the
corporation of the assignment of the credit in the manner prescribed by
the corporation. An assignment of a credit must be in writing, and both
the taxpayer and assignee shall report the assignment on the taxpayer's
and assignee's state tax returns for the year in which the assignment is
made, in the manner prescribed by the department. A taxpayer may not
receive value in connection with an assignment under this section that
exceeds the value of that part of the credit assigned.
(c) The corporation shall collect and compile data on the
assignments of tax credits under this chapter and determine the
effectiveness of each assignment in getting projects completed. The
corporation shall report its findings under this subsection to the
legislative council in an electronic format under IC 5-14-6 before
November 1, 2022.