Indiana § 6-3.1-34-17 Requirement that taxpayer enter into agreement with the corporation;
applicable credit percentage

Indiana Statutes

§ 6-3.1-34-17 — Requirement that taxpayer enter into agreement with the corporation; applicable credit percentage

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

(a)The following apply if the corporation determines that a credit should be awarded under this chapter:

(1)The corporation shall require the taxpayer to enter into an agreement with the corporation as a condition of receiving a credit under this chapter.

(2)The agreement with the corporation must:

(A)prescribe the method of certifying the taxpayer's qualified investment; and

(B)include provisions that authorize the corporation to work with the department and the taxpayer, if the corporation determines that the taxpayer is noncompliant with the terms of the agreement or the provisions of this chapter, to bring the taxpayer into compliance or to protect the interests of the state.

(3)The corporation shall specify the taxpayer's expenditures that will be considered a qualified investme

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(a) The following apply if the corporation
determines that a credit should be awarded under this chapter:
(1) The corporation shall require the taxpayer to enter into an
agreement with the corporation as a condition of receiving a
credit under this chapter.
(2) The agreement with the corporation must:
(A) prescribe the method of certifying the taxpayer's qualified
investment; and
(B) include provisions that authorize the corporation to work
with the department and the taxpayer, if the corporation
determines that the taxpayer is noncompliant with the terms of
the agreement or the provisions of this chapter, to bring the
taxpayer into compliance or to protect the interests of the state.
(3) The corporation shall specify the taxpayer's expenditures that
will be considered a qualified investment.
(4) The corporation shall determine the applicable credit
percentage under subsections (b) and (c).
(b) If the corporation determines that a credit should be awarded
under this chapter, the corporation shall determine the applicable credit
percentage for a qualified investment certified by the corporation.
However, and except as provided in subsection (c), the applicable
credit percentage may not exceed thirty percent (30%).
(c) The corporation may increase the credit amount by not more
than an additional five percent (5%) if:
(1) the qualified redevelopment site is located in a federally
designated qualified opportunity zone (Section 1400Z-1 and
1400Z-2 of the Internal Revenue Code); or
(2) the project qualifies for federal new markets tax credits under
Section 45D of the Internal Revenue Code.
(d) To be eligible for the credit for a qualified investment, a
taxpayer's expenditures that are considered a qualified investment must
be certified by the corporation not later than two (2) taxable years after
the end of the calendar year in which the taxpayer's expenditures are
made.

Indiana § 6-3.1-34-17 (Requirement that taxpayer enter into agreement with the corporation; applicable credit percentage) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.