Indiana § 6-3.1-34-18 Repayment provisions

Indiana Statutes

§ 6-3.1-34-18 — Repayment provisions

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

(a)Except as provided in subsection (b), if the corporation awards a tax credit to a taxpayer under this chapter that exceeds twenty million dollars ($20,000,000), the corporation shall include in an agreement entered into under section 17 of this chapter a provision that requires the taxpayer to repay to the corporation the portion of the credit that exceeds twenty million dollars ($20,000,000) with interest. Notwithstanding the date on which a tax credit is awarded under this chapter, any repayment of any part of a credit awarded under this chapter shall be deposited in the state general fund.

(b)Notwithstanding subsection (a), the corporation may exclude from its agreement entered into under section 17 of this chapter a repayment provision for any portion of the credit if the award is

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(a) Except as provided in subsection (b), if
the corporation awards a tax credit to a taxpayer under this chapter that
exceeds twenty million dollars ($20,000,000), the corporation shall
include in an agreement entered into under section 17 of this chapter
a provision that requires the taxpayer to repay to the corporation the
portion of the credit that exceeds twenty million dollars ($20,000,000)
with interest. Notwithstanding the date on which a tax credit is awarded
under this chapter, any repayment of any part of a credit awarded under
this chapter shall be deposited in the state general fund.
(b) Notwithstanding subsection (a), the corporation may exclude
from its agreement entered into under section 17 of this chapter a
repayment provision for any portion of the credit if the award is for a
qualified redevelopment site subject to a proposal that will result in a
qualified investment of at least one hundred million dollars
($100,000,000).
(c) If the corporation enters into an agreement with a taxpayer under
section 17 of this chapter that includes a repayment provision under
subsection (a), the corporation shall include in the repayment provision
a provision establishing the interest rate that will be applied. The
interest rate shall be determined by the board and approved by the
budget agency.
(d) This subsection applies to an active multi-phased project
occurring on a defined footprint for which the taxpayer has received
approval for at least the first phase of the active multi-phased project
from the corporation's board before July 1, 2018, for a tax credit under
IC 6-3.1-11 (industrial recovery tax credit) before its expiration. The
following apply to a project described in this subsection:
(1) Only qualified investments that are made after June 30, 2021,
are eligible for a credit award under this chapter.
(2) The annual amount of credits awarded under this chapter for
the project may not exceed five million dollars ($5,000,000).
(3) The corporation may not include a repayment provision as part
of an agreement entered into under section 17 of this chapter for
the credits awarded for the project.
(e) The part of any credit that is subject to a repayment provision
under this section must be included in the calculation of the aggregate
amount of applicable tax credits that the corporation may certify for a
state fiscal year under IC 5-28-6-9.