Indiana § 6-3.1-35-7 Requirements to be awarded a credit; maximum amount of credits

Indiana Statutes

§ 6-3.1-35-7 — Requirements to be awarded a credit; maximum amount of credits

Indiana § 6-3.1-35-7

Art. 3.1STATE TAX LIABILITY CREDITS

Ch. 35Affordable and Workforce Housing Tax Credit

This text of Indiana § 6-3.1-35-7 (Requirements to be awarded a credit; maximum amount of credits) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 6-3.1-35-7 (2026).

Text

(a)An eligible applicant who wishes to obtain the state tax credit provided by this chapter for a qualified project must submit an application to the authority after June 30, 2023, and before January 1, 2028, in the manner prescribed by the authority.

(b)An application submitted under subsection (a) must include:

(1)the name and address of the qualified project;

(2)the name and address of the owner of the qualified project; and

(3)any other information required by the authority.

(c)Subject to section 8 of this chapter, the authority may approve a tax credit application if:

(1)the applicant is an eligible applicant;

(2)the project identified in the application is a qualified project; and

(3)the tax credit application meets any other requirements for receipt of state tax credits est

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(a) An eligible applicant who wishes to obtain
the state tax credit provided by this chapter for a qualified project must
submit an application to the authority after June 30, 2023, and before
January 1, 2028, in the manner prescribed by the authority.
(b) An application submitted under subsection (a) must include:
(1) the name and address of the qualified project;
(2) the name and address of the owner of the qualified project;
and
(3) any other information required by the authority.
(c) Subject to section 8 of this chapter, the authority may approve a
tax credit application if:
(1) the applicant is an eligible applicant;
(2) the project identified in the application is a qualified project;
and
(3) the tax credit application meets any other requirements for
receipt of state tax credits established by the authority.
(d) If the authority approves a tax credit application for a qualified
project, for each taxable year in the tax credit period the authority may
approve a maximum amount of state tax credits. The maximum
aggregate amount of state tax credits awarded by the authority for the
state tax credit period of a qualified project is an amount that is the
product of:
(1) a percentage determined by the authority, which must be less
than or equal to one hundred percent (100%); multiplied by
(2) the anticipated aggregate federal tax credits over the credit
period as defined by Section 42(f) of the Internal Revenue Code
and specified in a letter issued by the authority for the qualified
project under Section 42(m) of the Internal Revenue Code (annual
amount multiplied by ten (10) years).
(e) If the authority approves a tax credit application for a qualified
project, the authority shall issue an eligibility statement to the eligible
applicant. The eligibility statement must specify at least the following:
(1) A unique identification code for the eligibility statement,
determined by the authority.
(2) The name of the qualified project.
(3) For each taxable year in the state tax credit period of the
qualified project, the maximum amount of state tax credit that the
authority is awarding to the eligible applicant for the qualified
project.
(f) The authority shall transmit a copy of each eligibility statement
issued under subsection (e) to the department.