§ 6-3.1-34-20 — Notice of noncompliance; assessment

Indiana § 6-3.1-34-20

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

Text

(a) If the corporation determines that a
taxpayer that has claimed a credit under this chapter is not entitled to
the credit because of the taxpayer's noncompliance with the
requirements of the tax credit agreement or any of the provisions of this
chapter, the corporation shall, after giving the taxpayer an opportunity
to explain the noncompliance:
(1) notify the department of the noncompliance; and
(2) request the department to impose an assessment on the
taxpayer in an amount that may not exceed the sum of any
previously allowed credits under this chapter together with
interest and penalties required or permitted by law.
(b) If a credit was assigned under section 14 of this chapter, the
assessment under this section shall be issued against the taxpayer that
could have claimed the credit had no assignment occurred. If an
assessment is issued to a taxpayer, other than an assignee of a credit
that was assigned, the assessment shall not be offset by any
nonrefundable credit. An assessment may not be made against an
assignee of a credit except in the case of fraud by the assignee in the
assignment of the credit. Notwithstanding the provisions of IC 6-8.1-5-2, an assessment is considered timely if the department issues
a proposed assessment:
(1) not later than one hundred eighty (180) days from the date the
department is notified of the noncompliance; or
(2) the date on which the proposed assessment could otherwise be
issued in a timely manner under IC 6-8.1-5-2;
whichever is later.

Legislative History

As added by P.L.158-2019, SEC.29. Amended by P.L.156-2020, SEC.25.