§ 6-3.1-35-2 — Definitions

Indiana § 6-3.1-35-2

• Jurisdiction: Indiana
• Art. 3.1: STATE TAX LIABILITY CREDITS
• Ch. 35: Affordable and Workforce Housing Tax Credit

Text

The following definitions apply throughout
this chapter:
(1) "Authority" refers to the Indiana housing and community
development authority created by IC 5-20-1-3.
(2) "Eligibility statement" refers to the statement issued by the
authority to an eligible applicant under section 7 of this chapter.
(3) "Eligible applicant" means a taxpayer who is:
(A) an owner of a qualified project; or
(B) a shareholder, member, or partner of an owner of a
qualified project that is designated by the owner in the manner
prescribed by the authority.
(4) "Federal tax credit" means a federal low income housing
credit under Section 42 of the Internal Revenue Code that is a
thirty percent (30%) present value credit. The term does not
include a seventy percent (70%) present value credit under
Section 42 of the Internal Revenue Code for certain new
buildings.
(5) "Holder of a state tax credit" for a taxable year in a qualified
project's state tax credit period means:
(A) the eligible applicant for the qualified project;
(B) a shareholder, member, or partner of the owner of the
qualified project; or
(C) a successor, assignee, or transferee of the eligible applicant
under section 6 of this chapter;
that has a right to claim all or part of the tax credit for the taxable
year.
(6) "Qualified basis" of a qualified project has the meaning set
forth in Section 42 of the Internal Revenue Code.
(7) "Qualified project" means a qualified low income building (as
defined in Section 42(c) of the Internal Revenue Code):
(A) that is located in Indiana;
(B) for which a federal affordable housing tax credit was
awarded using a thirty percent (30%) present value of the
qualified basis of the building; and
(C) that is financed by tax exempt bonds that are subject to the
private activity bond volume cap (under Section 42(h)(4) of the
Internal Revenue Code).
(8) "State tax credit" means the tax credit provided by this
chapter.
(9) "State tax credit period" for a qualified project means the
period of five (5) taxable years beginning with the taxable year a
building in the project is placed into service.
(10) "State tax liability" means a taxpayer's total tax liability
incurred under:
(A) IC 6-3-1 through IC 6-3-7 (the adjusted gross income tax);
(B) IC 6-5.5 (the financial institutions tax);
(C) IC 27-1-18-2 (the insurance premiums tax); and
(D) IC 27-1-20-12 (the insurance premiums retaliatory tax);
as computed after the application of the credits that under IC 6-3.1-1-2 are to be applied before the credit provided by this
chapter.
(11) "Tax credit application" means an application submitted by
an eligible applicant to the authority under section 7 of this
chapter.
(12) "Taxpayer" means an individual, a corporation, an S
corporation, a partnership, a limited partnership, a limited liability
partnership, a limited liability company, or a joint venture.

Legislative History

As added by P.L.137-2022, SEC.52. Amended by P.L.194-2023, SEC.22.