Indiana § 6-3.1-40-9.5 Claiming credit on tax return; certified list of physicians; proof of
department's approval; limitation

Indiana Statutes

§ 6-3.1-40-9.5 — Claiming credit on tax return; certified list of physicians; proof of department's approval; limitation

Indiana § 6-3.1-40-9.5

Art. 3.1STATE TAX LIABILITY CREDITS

Ch. 40Physician Practice Ownership Tax Credit

This text of Indiana § 6-3.1-40-9.5 (Claiming credit on tax return; certified list of physicians; proof of department's approval; limitation) 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 § 6-3.1-40-9.5 (2026).

Text

5.

(a)To receive a credit under this chapter:

(1)the physician owned medical practice must apply for the department's approval of the tax credit for its owners for a calendar year in the manner prescribed by the department after June 30 of that calendar year, but not later than June 30 of the subsequent calendar year;

(2)the physician owned medical practice must submit with the application a certified list of each of the physicians who has an ownership interest in the legal entity described in section 6 of this chapter and any additional information that the department determines is necessary for the calculation of the credit under this chapter;

(3)the taxpayer must attach proof of the department's approval of the tax credit to the taxpayer's state tax return or returns; and

(4)the ta

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5. (a) To receive a credit under this chapter:
(1) the physician owned medical practice must apply for the
department's approval of the tax credit for its owners for a
calendar year in the manner prescribed by the department after
June 30 of that calendar year, but not later than June 30 of the
subsequent calendar year;
(2) the physician owned medical practice must submit with the
application a certified list of each of the physicians who has an
ownership interest in the legal entity described in section 6 of this
chapter and any additional information that the department
determines is necessary for the calculation of the credit under this
chapter;
(3) the taxpayer must attach proof of the department's approval of
the tax credit to the taxpayer's state tax return or returns; and
(4) the taxpayer must claim the approved tax credit on the
taxpayer's state tax return or returns in the manner prescribed by
the department.
(b) The department shall record the time of filing of each
application for the department's approval of a tax credit and shall,
except as provided in subsection (c), approve granting the credit to the
taxpayer, if the taxpayer otherwise qualifies for a credit under this
chapter, in the chronological order in which the application for the
department's approval is filed in the year.
(c) If the total credits approved under this section equal the
maximum amount allowable in the year, the department may not
approve an application for the credit filed later in that year.