reglab/statecodes huggingface dataset:
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 24. Venture Capital Investment Tax Credit › 6-3.1-24-8. Maximum Allowable Credit; Notice to Investors

Sec. 8. (a) A certification provided under section 7 of this chapter must include notice to the investors of the maximum amount of tax credits available under this chapter for the provision of qualified investment capital to the qualified Indiana business.
(b) For a calendar year ending before January 1, 2011, the maximum amount of tax credits available under this chapter for the provision of qualified investment capital to a particular qualified Indiana business equals the lesser of:
(1) the total amount of qualified investment capital provided to the qualified Indiana business in the calendar year, multiplied by twenty percent (20%); or
(2) five hundred thousand dollars ($500,000).
(c) For a calendar year beginning after December 31, 2010, and ending before January 1, 2022, the maximum amount of tax credits available under this chapter for the provision of qualified investment capital to a particular qualified Indiana business equals the lesser of the following:
(1) The total amount of qualified investment capital provided to the qualified Indiana business in the calendar year, multiplied by twenty percent (20%).
(2) One million dollars ($1,000,000).
(d) For a calendar year beginning after December 31, 2021, the maximum amount of tax credits available under this chapter for the provision of qualified investment capital to a particular qualified Indiana business equals the lesser of the following:
(1) The total amount of qualified investment capital provided to the qualified Indiana business in the calendar year, multiplied by twenty-five percent (25%).
(2) One million dollars ($1,000,000).
(e) Notwithstanding subsection (d), for a calendar year beginning after December 31, 2021, the maximum amount of tax credits available under this chapter for the provision of qualified investment capital to a particular qualified Indiana business, if the qualified Indiana business is a minority business enterprise, a women's business enterprise, or a veteran owned business equals the lesser of the following:
(1) The total amount of qualified investment capital provided to the qualified Indiana business in the calendar year, multiplied by thirty percent (30%).
(2) One million five hundred thousand dollars ($1,500,000).
As added by P.L.192-2002(ss), SEC.119. Amended by P.L.172-2011, SEC.67; P.L.165-2021, SEC.81; P.L.135-2022, SEC.10.
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 24. Venture Capital Investment Tax Credit › 6-3.1-24-8.5. Maximum Allowable Credit; Qualified Investment Fund; Notice to Investors

Sec. 8.5. (a) A certification provided under section 7.5 of this chapter must include notice to investors of the maximum amount of tax credits available under this chapter for the provision of qualified investment capital to the qualified Indiana investment fund.
(b) The maximum amount of tax credits available under this chapter for the provision of qualified investment capital to a qualified Indiana investment fund equals the lesser of the following:
(1) The total amount of qualified investment capital provided to the qualified Indiana investment fund in the calendar year, multiplied by twenty percent (20%).
(2) Five million dollars ($5,000,000).
As added by P.L.165-2021, SEC.82.
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 24. Venture Capital Investment Tax Credit › 6-3.1-24-9. Repealed

As added by P.L.192-2002(ss), SEC.119. Amended by P.L.214-2003, SEC.4; P.L.4-2005, SEC.99; P.L.193-2005, SEC.18; P.L.211-2007, SEC.28; P.L.172-2011, SEC.68; P.L.137-2012, SEC.60; P.L.288-2013, SEC.47; P.L.250-2015, SEC.30; P.L.237-2017, SEC.43. Repealed by P.L.165-2021, SEC.83.
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 24. Venture Capital Investment Tax Credit › 6-3.1-24-11. Pass Through Entity; Eligibility of Owners, Shareholders, or Members for Credit

Sec. 11. If a pass through entity is entitled to a credit under section 6 of this chapter but does not have state tax liability against which the tax credit may be applied, a shareholder, partner, or member of the pass through entity is entitled to a tax credit equal to:
(1) the tax credit determined for the pass through entity for the taxable year; multiplied by
(2) the percentage of the pass through entity's distributive income to which the shareholder, partner, or member is entitled.
If any or all of the tax credit is passed through to a shareholder, partner, or member of a pass through entity, the amount of the tax credit that is passed through to a shareholder, partner, or member of a pass through entity may not be applied against the pass through entity's state tax liability, nor may the pass through entity assign any unused credit under section 12(b) of this chapter as effective July 1, 2020.
As added by P.L.192-2002(ss), SEC.119. Amended by P.L.158-2019, SEC.13.
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 24. Venture Capital Investment Tax Credit › 6-3.1-24-12. Carryover of Unused Tax Credit; Assignment of All or Part of the Credit

Sec. 12. (a) If the amount of the credit determined under section 8 or 8.5 of this chapter for a taxpayer in a taxable year exceeds the taxpayer's state tax liability for that taxable year, the taxpayer may carry the excess credit over for a period not to exceed the taxpayer's following five (5) taxable years. The amount of the credit carryover from a taxable year shall be reduced to the extent that the carryover is used by the taxpayer to obtain a credit under this chapter for any subsequent taxable year. A taxpayer is not entitled to a carryback or a refund of any unused credit amount.
(b) If the corporation certifies a credit for an investment that is made after June 30, 2020, and before July 1, 2029, the taxpayer may assign all or part of the credit to which the taxpayer is entitled under this chapter, subject to the limitations set forth in subsection (c).
(c) The following apply to the assignment of a credit under this chapter:
(1) A taxpayer may not assign all or part of a credit or credits to a particular person in amounts that are less than ten thousand dollars ($10,000).
(2) Before a credit may be assigned, the taxpayer must notify the corporation of the assignment of the credit in the manner prescribed by the corporation.
(3) An assignment of a credit must be in writing, and both the taxpayer and assignee shall report the assignment on the taxpayer's and assignee's state tax returns for the year in which the assignment is made, in the manner prescribed by the department.
(4) Once a particular credit or credits are assigned, the assignee may not assign all or part of the credit or credits to another person.
(5) A taxpayer may not receive value in connection with an assignment under this section that exceeds the value of that part of the credit assigned.
(d) The corporation shall collect and compile data on the assignments of tax credits under this chapter and determine the effectiveness of each assignment in getting projects completed. The corporation shall report its findings under this subsection to the legislative council in an electronic format under IC 5-14-6 before November 1, 2022. This subsection expires January 1, 2023.
As added by P.L.192-2002(ss), SEC.119. Amended by P.L.214-2003, SEC.5; P.L.193-2005, SEC.19; P.L.158-2019, SEC.14; P.L.165-2021, SEC.85.
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 24. Venture Capital Investment Tax Credit › 6-3.1-24-12.5. Certification of Investment Plan; Application; Proof of Investment Within Two Years

Sec. 12.5. (a) A taxpayer wishing to obtain a credit under this chapter must apply to the Indiana economic development corporation for a certification that the taxpayer's proposed investment plan would qualify for a credit under this chapter.
(b) The application required under subsection (a) must include:
(1) the name and address of the taxpayer;
(2) the name and address of each proposed recipient of the taxpayer's proposed investment;
(3) the amount of the proposed investment;
(4) a copy of the certification issued under section 7 or 7.5 of this chapter that the proposed recipient is a qualified Indiana business or qualified Indiana investment fund, whichever is applicable; and
(5) any other information required by the Indiana economic development corporation.
(c) If the Indiana economic development corporation determines that the proposed investment would qualify the taxpayer for a credit under this chapter, the corporation may certify the taxpayer's proposed investment plan.
(d) To receive a credit under this chapter, the taxpayer must provide qualified investment capital to a qualified Indiana business or qualified Indiana investment fund, whichever is applicable, according to the taxpayer's certified investment plan within two (2) years after the date on which the Indiana economic development corporation certifies the investment plan.
(e) Upon making the investment required under subsection (d), the taxpayer shall provide proof of the investment to the Indiana economic development corporation.
(f) Upon receiving proof of a taxpayer's investment under subsection (e), the Indiana economic development corporation shall issue the taxpayer a certificate indicating that the taxpayer has fulfilled the requirements of the corporation and that the taxpayer is entitled to a credit under this chapter.
(g) Notwithstanding subsection (f), if a taxpayer is issued a certificate by the Indiana economic development corporation for an investment made in a qualified Indiana investment fund, a taxpayer may not claim the credit as provided in section 13 of this chapter before July 1, 2023.
(h) A taxpayer forfeits the right to a tax credit attributable to an investment certified under subsection (c) if the taxpayer fails to make the proposed investment within the period required under subsection (d).
As added by P.L.214-2003, SEC.6. Amended by P.L.4-2005, SEC.100; P.L.193-2005, SEC.20; P.L.165-2021, SEC.86.
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 24. Venture Capital Investment Tax Credit › 6-3.1-24-13. Returns; Submission of Certificates From Indiana Economic Development Corporation

Sec. 13. To receive the credit provided by this chapter, a taxpayer must claim the credit on the taxpayer's state tax return or returns in the manner prescribed by the department. The taxpayer shall submit to the department, along with the taxpayer's state tax return or returns, a copy of the certificate issued by the Indiana economic development corporation to the taxpayer under section 12.5(f) of this chapter and all information that the department determines is necessary for the calculation of the credit provided by this chapter.
As added by P.L.192-2002(ss), SEC.119. Amended by P.L.214-2003, SEC.7; P.L.4-2005, SEC.101.
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 24. Venture Capital Investment Tax Credit › 6-3.1-24-14. Tax Credit Not Considered a Security; Issuance or Assignment Not Subject to the Indiana Securities Law

Sec. 14. A certificate or tax credit issued under this chapter or assigned under section 12(b) of this chapter may not be considered to be a security for purposes of IC 23. The issuance or assignment of a certificate or tax credit under this chapter is not subject to the Indiana securities law under IC 23.
As added by P.L.106-2014, SEC.1. Amended by P.L.158-2019, SEC.15.
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 24. Venture Capital Investment Tax Credit › 6-3.1-24-15. Maximum Annual Statewide Allowance for Credits

Sec. 15. (a) Before January 1, 2022, the total amount of credits that may be awarded by the Indiana economic development corporation under this chapter for investment plans certified as provided in section 12.5 of this chapter that propose investing qualified investment capital in a particular qualified Indiana business during a particular calendar year is twelve million five hundred thousand dollars ($12,500,000).
(b) After December 31, 2021, the total amount of credits that may be awarded by the Indiana economic development corporation under this chapter for investment plans certified as provided in section 12.5 of this chapter that propose investing qualified investment capital in a particular qualified Indiana business or qualified Indiana investment fund during a particular calendar year is twenty million dollars ($20,000,000), provided that not more than seven million five hundred thousand dollars ($7,500,000) may be awarded for proposed investments of qualified investment capital in a qualified Indiana investment fund.
As added by P.L.165-2021, SEC.87.
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 26. Hoosier Business Investment Tax Credit › 6-3.1-26-0.3. Legalization of Actions Taken by Indiana Economic Development Corporation in Administration of Chapter After February 8, 2005, and Before May 11, 2005

Sec. 0.3. The actions taken by the Indiana economic development corporation to administer this chapter, as amended by P.L.4-2005, after February 8, 2005, and before May 11, 2005, are legalized and validated.
As added by P.L.220-2011, SEC.142.
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 26. Hoosier Business Investment Tax Credit › 6-3.1-26-2.5. "Corporation"

Sec. 2.5. As used in this chapter, "corporation" means the Indiana economic development corporation established by IC 5-28-3-1.
As added by P.L.4-2005, SEC.102.
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 26. Hoosier Business Investment Tax Credit › 6-3.1-26-3.1. "Digital Manufacturing Equipment"

Sec. 3.1. As used in this chapter, "digital manufacturing equipment" means any production equipment utilized within an integrated computer network system that provides for the onsite manufacturing of a three-dimensional part or product using material that is joined or solidified using multiple layers under computer control pursuant to a computer aided design for rapid or on demand production.
As added by P.L.158-2019, SEC.16.
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 26. Hoosier Business Investment Tax Credit › 6-3.1-26-5. "Highly Compensated Employee"

Sec. 5. As used in this chapter, "highly compensated employee" has the meaning set forth in Section 414(q) of the Internal Revenue Code.
As added by P.L.224-2003, SEC.197.
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 26. Hoosier Business Investment Tax Credit › 6-3.1-26-5.5. "Motion Picture or Audio Production"

Sec. 5.5. As used in this chapter, "motion picture or audio production" means a:
(1) feature length film;
(2) video;
(3) television series;
(4) commercial;
(5) music video or an audio recording; or
(6) corporate production;
for any combination of theatrical, television, or other media viewing or as a television pilot. The term does not include a motion picture that is obscene (as described in IC 35-49-2-1) or television coverage of news or athletic events.
As added by P.L.199-2005, SEC.18.
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 26. Hoosier Business Investment Tax Credit › 6-3.1-26-6. "New Employee"

Sec. 6. As used in this chapter, "new employee" has the meaning set forth in IC 6-3.1-13-6.
As added by P.L.224-2003, SEC.197.
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 26. Hoosier Business Investment Tax Credit › 6-3.1-26-7. "Pass Through Entity"

Sec. 7. As used in this chapter, "pass through entity" means a:
(1) corporation that is exempt from the adjusted gross income tax under IC 6-3-2-2.8(2);
(2) partnership;
(3) trust;
(4) limited liability company; or
(5) limited liability partnership.
As added by P.L.224-2003, SEC.197.
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 26. Hoosier Business Investment Tax Credit › 6-3.1-26-8. "Qualified Investment"

Sec. 8. (a) As used in this chapter, "qualified investment" means the amount of the taxpayer's expenditures in Indiana for:
(1) the purchase of new telecommunications, production, manufacturing, fabrication, assembly, extraction, mining, processing, refining, finishing, distribution, transportation, or logistical distribution equipment;
(2) the purchase of new computers and related equipment;
(3) costs associated with the modernization of existing telecommunications, production, manufacturing, fabrication, assembly, extraction, mining, processing, refining, finishing, distribution, transportation, or logistical distribution facilities;
(4) onsite infrastructure improvements;
(5) the construction of new telecommunications, production, manufacturing, fabrication, assembly, extraction, mining, processing, refining, finishing, distribution, transportation, or logistical distribution facilities;
(6) the purchase of retooled or refurbished machinery, and costs associated with retooling existing machinery and equipment;
(7) costs associated with the construction of special purpose buildings and foundations for use in the computer, software, biological sciences, or telecommunications industry;
(8) costs associated with the purchase of machinery, equipment, or special purpose buildings used to make motion pictures or audio productions;
(9) a logistics investment, as described in section 8.5 of this chapter;
(10) the purchase of new:
(A) pollution control and abatement;
(B) energy conservation; or
(C) renewable energy generation;
equipment; and
(11) the purchase of new onsite digital manufacturing equipment;
that are certified by the corporation under this chapter as being eligible for the credit under this chapter.
(b) The term does not include property that can be readily moved outside Indiana.
(c) Notwithstanding subsection (b), the term does include programmable logic controller property.
As added by P.L.224-2003, SEC.197. Amended by P.L.4-2005, SEC.103; P.L.199-2005, SEC.19; P.L.137-2006, SEC.6; P.L.288-2013, SEC.51; P.L.158-2019, SEC.17.
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 26. Hoosier Business Investment Tax Credit › 6-3.1-26-9. "State Tax Liability"

Sec. 9. As used in this chapter, "state tax liability" means a taxpayer's total tax liability that is incurred under:
(1) IC 6-3-1 through IC 6-3-7 (the adjusted gross income tax);
(2) IC 27-1-18-2 (the insurance premiums tax); and
(3) IC 6-5.5 (the financial institutions tax) or IC 6-8-15 (the nonprofit agricultural organization health coverage 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.
As added by P.L.224-2003, SEC.197. Amended by P.L.154-2020, SEC.19.
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 26. Hoosier Business Investment Tax Credit › 6-3.1-26-11. "Taxpayer"

Sec. 11. As used in this chapter, "taxpayer" means an individual, a corporation, a partnership, or other entity that has state tax liability.
As added by P.L.224-2003, SEC.197.
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 26. Hoosier Business Investment Tax Credit › 6-3.1-26-12. Purpose of Credit

Sec. 12. The corporation may make credit awards under this chapter to foster job creation and higher wages in Indiana.
As added by P.L.224-2003, SEC.197. Amended by P.L.4-2005, SEC.104.
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 26. Hoosier Business Investment Tax Credit › 6-3.1-26-13. Entitlement to Credit

Sec. 13. A taxpayer that:
(1) is awarded a tax credit under this chapter by the corporation; and
(2) complies with the conditions set forth in this chapter and the agreement entered into by the corporation and the taxpayer under this chapter;
is entitled to a credit against the taxpayer's state tax liability in a taxable year.
As added by P.L.224-2003, SEC.197. Amended by P.L.4-2005, SEC.105.
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 26. Hoosier Business Investment Tax Credit › 6-3.1-26-14. Amount of Credit

Sec. 14. The total amount of a tax credit claimed for a taxable year under this chapter is a percentage determined by the corporation, not to exceed:
(1) ten percent (10%), of the amount of a qualified investment made by the taxpayer in Indiana during that taxable year, if the qualified investment is not a logistics investment;
(2) twenty-five percent (25%) of the amount of a qualified investment made by the taxpayer in Indiana during that taxable year, if the qualified investment is a logistics investment. For purposes of this subdivision, the amount of a qualified investment that is used to determine the credit is limited to the difference of:
(A) the qualified investments made by the taxpayer during the taxable year; minus
(B) one hundred five percent (105%) of the average annual qualified investments made by the taxpayer during the two (2) taxable years immediately preceding the taxable year for which the credit is being claimed. However, if the total of the qualified investments for the earlier year of the two (2) year average is zero (0) and the taxpayer has not claimed the credit for a year that precedes that year, the taxpayer shall subtract only one hundred five percent (105%) of the amount of the qualified investments made during the taxable year immediately preceding the taxable year for which the credit is being claimed; and
(3) for taxable years beginning after December 31, 2018, and before January 1, 2030, fifteen percent (15%) of the amount of a qualified investment made by a taxpayer in Indiana during that taxable year, if the qualified investment made is described under section 8(a)(11) of this chapter.
The taxpayer may carry forward any unused credit as provided in section 15 of this chapter.
As added by P.L.224-2003, SEC.197. Amended by P.L.199-2005, SEC.20; P.L.288-2013, SEC.53; P.L.158-2019, SEC.18.
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 26. Hoosier Business Investment Tax Credit › 6-3.1-26-17. Application

Sec. 17. A person that proposes a project to:
(1) create new jobs or increase wage levels in Indiana; or
(2) substantially enhance the logistics industry by creating new jobs, preserving existing jobs that otherwise would be lost, increasing wages in Indiana, or improving the overall Indiana economy, in the case of a logistics investment being claimed by the applicant;
may apply to the corporation before the taxpayer makes the qualified investment to enter into an agreement for a tax credit under this chapter. The corporation shall prescribe the form of the application.
As added by P.L.224-2003, SEC.197. Amended by P.L.4-2005, SEC.106; P.L.288-2013, SEC.55; P.L.145-2016, SEC.31.
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 26. Hoosier Business Investment Tax Credit › 6-3.1-26-18. Agreement for Credit; Conditions

Sec. 18. After receipt of an application, the corporation may enter into an agreement with the applicant for a credit under this chapter if the corporation determines that all the following conditions exist:
(1) The applicant's project will:
(A) raise the total earnings of employees of the applicant in Indiana; or
(B) substantially enhance the logistics industry by creating new jobs, preserving existing jobs that otherwise would be lost, increasing wages in Indiana, or improving the overall Indiana economy, in the case of a logistics investment being claimed by the applicant.
(2) The applicant's project is economically sound and will benefit the people of Indiana by increasing opportunities for employment and strengthening the economy of Indiana.
(3) Receiving the tax credit is a major factor in the applicant's decision to go forward with the project and not receiving the tax credit will result in the applicant not raising the total earnings of the applicant's employees in Indiana, or other employees in Indiana in the case of a logistics investment being claimed by the applicant.
(4) Awarding the tax credit will result in an overall positive fiscal impact to the state, as certified by the budget agency using the best available data.
(5) The credit is not prohibited by section 19 of this chapter.
(6) In the case of a qualified investment that is not being claimed as a logistics investment by the applicant, the average wage that will be paid by the taxpayer to its employees (excluding highly compensated employees) at the location after the credit is given will be at least equal to one hundred fifty percent (150%) of the hourly minimum wage under IC 22-2-2-4 or its equivalent.
As added by P.L.224-2003, SEC.197. Amended by P.L.4-2005, SEC.107; P.L.199-2005, SEC.23; P.L.1-2006, SEC.143; P.L.288-2013, SEC.56.
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 26. Hoosier Business Investment Tax Credit › 6-3.1-26-19. Credit Disallowed for Relocated Jobs

Sec. 19. A person is not entitled to claim the credit provided by this chapter for any jobs that the person relocates from one (1) site in Indiana to another site in Indiana. Determinations under this section shall be made by the corporation.
As added by P.L.224-2003, SEC.197. Amended by P.L.4-2005, SEC.108.
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 26. Hoosier Business Investment Tax Credit › 6-3.1-26-20. Certification of Qualified Investments

Sec. 20. (a) The corporation shall certify the amount of the qualified investment that is eligible for a credit under this chapter. In determining the credit amount that should be awarded, the corporation shall grant a credit only for the amount of the qualified investment that is directly related to:
(1) expanding the workforce in Indiana; or
(2) substantially enhancing the logistics industry or improving the overall Indiana economy.
(b) A person that desires to claim a tax credit for a qualified investment shall file with the department, in the form that the department may prescribe, an application:
(1) stating separately the amount of the credit awards for qualified investments that have been granted to the taxpayer by the corporation that will be claimed as a credit;
(2) stating separately the amount sought to be claimed as a credit; and
(3) identifying whether the credit will be claimed during the state fiscal year in which the application is filed or the immediately succeeding state fiscal year.
(c) The department shall separately record the time of filing of each application for a credit award for a qualified investment and shall, except as provided in subsection (d), approve the credit to the taxpayer in the chronological order in which the application is filed in the state fiscal year. The department shall promptly notify an applicant whether, or the extent to which, the tax credit is allowable in the state fiscal year proposed by the taxpayer.
(d) If the total credit awards for qualified investments, including carryover credit awards covered by each subsection for a previous state fiscal year, equal the maximum amount allowable in the state fiscal year, an application for such a credit award that is filed later for that same state fiscal year may not be granted by the department. However, if an applicant for which a credit has been awarded and applied for with the department fails to claim the credit, an amount equal to the credit previously applied for but not claimed may be allowed to the next eligible applicant or applicants until the total amount has been allowed.
As added by P.L.224-2003, SEC.197. Amended by P.L.4-2005, SEC.109; P.L.288-2013, SEC.57; P.L.250-2015, SEC.34; P.L.158-2019, SEC.19; P.L.135-2022, SEC.11.
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 26. Hoosier Business Investment Tax Credit › 6-3.1-26-22. Certificate of Verification

Sec. 22. A taxpayer claiming a credit under this chapter shall submit to the department of state revenue a copy of the corporation's certificate of verification under this chapter for the taxable year. However, failure to submit a copy of the certificate does not invalidate a claim for a credit.
As added by P.L.224-2003, SEC.197. Amended by P.L.145-2016, SEC.33.
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 26. Hoosier Business Investment Tax Credit › 6-3.1-26-23. Noncompliance With Agreement; Assessments

Sec. 23. If the corporation determines that a taxpayer who 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 all the provisions of this chapter, the corporation shall, after giving the taxpayer an opportunity to explain the noncompliance:
(1) notify the department of state revenue of the noncompliance; and
(2) request the department of state revenue 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.
As added by P.L.224-2003, SEC.197. Amended by P.L.4-2005, SEC.111; P.L.145-2016, SEC.34.
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 26. Hoosier Business Investment Tax Credit › 6-3.1-26-24. Repealed

As added by P.L.224-2003, SEC.197. Amended by P.L.28-2004, SEC.66; P.L.4-2005, SEC.112. Repealed by P.L.222-2007, SEC.2.
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 26. Hoosier Business Investment Tax Credit › 6-3.1-26-25. Biennial Evaluation; Reporting Requirements

Sec. 25. (a) On a biennial basis, the corporation shall provide for an evaluation of the tax credit program. The evaluation must include an assessment of the effectiveness of the program in creating new jobs and increasing wages in Indiana and of the revenue impact of the program and may include a review of the practices and experiences of other states with similar programs.
(b) The department shall submit information to the corporation concerning the use of the credit for logistics investments under this chapter. The information submitted by the department must include the following with regard to the previous calendar year for logistics investments:
(1) Summary information regarding the taxpayers and the use of the credit, including the amount of credits approved, the number of taxpayers applying for the credit and claiming the credit, the number of employees who are employed in Indiana by the taxpayers claiming the credit, the amount and type of new qualified expenditures for which the credit was granted, the total dollar amount of new credits claimed and the average amount of the credit claimed per taxpayer, the amount of credits to be carried forward to a subsequent taxable year, and the percentage of the total credits claimed as compared to the total adjusted gross income of all the taxpayers claiming the credit.
(2) The name and address of each taxpayer claiming the credit and the amount of the credit applied for by and granted to each taxpayer.
(c) The corporation shall include information received or compiled under this section in the economic incentives and compliance report submitted under IC 5-28-28 for the calendar year in which the evaluation is completed.
As added by P.L.224-2003, SEC.197. Amended by P.L.4-2005, SEC.113; P.L.288-2013, SEC.59; P.L.145-2016, SEC.35; P.L.130-2018, SEC.27.
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 26. Hoosier Business Investment Tax Credit › 6-3.1-26-26. Repealed

As added by P.L.224-2003, SEC.197. Amended by P.L.81-2004, SEC.16; P.L.137-2006, SEC.7; P.L.182-2009(ss), SEC.202; P.L.137-2012, SEC.61; P.L.250-2015, SEC.35. Repealed by P.L.237-2017, SEC.44.
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 29. Coal Gasification Technology Investment Tax Credit › 6-3.1-29-0.1. Application of Chapter; Severability

Sec. 0.1. (a) The addition of this chapter by P.L.191-2005 applies to taxable years beginning after December 31, 2005.
(b) Each individual provision of P.L.191-2005 is fully severable. If a provision requiring an agreement executed under section 19 of this chapter, as added by P.L.191-2005, to include a particular term is declared invalid, the invalidity of the provision does not affect the validity of:
(1) the other provisions of this chapter, as added by P.L.191-2005;
(2) the other terms of the agreement executed under section 19 of this chapter, as added by P.L.191-2005; or
(3) a tax credit awarded under this chapter, as added by P.L.191-2005.
As added by P.L.220-2011, SEC.143.
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 29. Coal Gasification Technology Investment Tax Credit › 6-3.1-29-1. Legislative Intent; Use of Women and Minority Businesses as Vendors

Sec. 1. The general assembly declares that the opportunity for the participation of underutilized small businesses, especially women and minority business enterprises, in the coal gasification industry is essential if social and economic parity is to be obtained by women and minority business persons and if the economy of Indiana is to be stimulated as contemplated by this chapter. A recipient of a credit under this chapter is encouraged to purchase goods and services from underutilized small businesses, especially women and minority business enterprises.
As added by P.L.191-2005, SEC.15.
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 29. Coal Gasification Technology Investment Tax Credit › 6-3.1-29-3. "Corporation"

Sec. 3. As used in this chapter, "corporation" refers to the Indiana economic development corporation established by IC 5-28-3-1.
As added by P.L.191-2005, SEC.15.
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 29. Coal Gasification Technology Investment Tax Credit › 6-3.1-29-4.5. "Fluidized Bed Combustion Technology"

Sec. 4.5. As used in this chapter, "fluidized bed combustion technology" means a technology that involves the combustion of fuel in connection with a bed of inert material, such as limestone or dolomite, which is held in a fluid like state by the means of air or other gasses being passed through the materials.
As added by P.L.122-2006, SEC.10.
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 29. Coal Gasification Technology Investment Tax Credit › 6-3.1-29-5. "Indiana Coal"

Sec. 5. As used in this chapter, "Indiana coal" has the meaning set forth in IC 21-47-1-4.
As added by P.L.191-2005, SEC.15. Amended by P.L.2-2007, SEC.125.
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 29. Coal Gasification Technology Investment Tax Credit › 6-3.1-29-6. "Integrated Coal Gasification Powerplant"

Sec. 6. As used in this chapter, "integrated coal gasification powerplant" means a facility that satisfies all the following requirements:
(1) The facility is located in Indiana and is a newly constructed energy generating plant.
(2) The facility converts coal into synthesis gas that can be used as a fuel to generate energy or as a substitute for natural gas.
(3) The facility uses the synthesis gas as a fuel to generate electric energy or produces synthesis gas that can be used as a substitute for natural gas.
(4) The facility is dedicated primarily to production of electricity or gas for use by energy utilities serving Indiana retail electric or gas utility consumers.
As added by P.L.191-2005, SEC.15. Amended by P.L.175-2007, SEC.4.
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 29. Coal Gasification Technology Investment Tax Credit › 6-3.1-29-7. "Minority"

Sec. 7. As used in this chapter, "minority" means a member of a minority group (as defined in IC 4-13-16.5-1.)
As added by P.L.191-2005, SEC.15.
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 29. Coal Gasification Technology Investment Tax Credit › 6-3.1-29-8. "Minority Business Enterprise"

Sec. 8. As used in this chapter, "minority business enterprise" has the meaning set forth in IC 4-13-16.5-1.
As added by P.L.191-2005, SEC.15. Amended by P.L.1-2006, SEC.144.
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 29. Coal Gasification Technology Investment Tax Credit › 6-3.1-29-9. "Pass Through Entity"

Sec. 9. As used in this chapter, "pass through entity" means:
(1) a corporation that is exempt from the adjusted gross income tax under IC 6-3-2-2.8(2);
(2) a partnership;
(3) a limited liability company;
(4) a limited liability partnership;
(5) a corporation organized under IC 8-1-13; or
(6) a corporation organized under IC 23-17-1 that is an electric cooperative and that has at least one (1) member that is a corporation organized under IC 8-1-13.
As added by P.L.191-2005, SEC.15.
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 29. Coal Gasification Technology Investment Tax Credit › 6-3.1-29-10. "Qualified Investment"

Sec. 10. As used in this chapter, "qualified investment" means a taxpayer's expenditures for:
(1) all real and tangible personal property incorporated in and used as part of an integrated coal gasification powerplant or a fluidized bed combustion technology; and
(2) transmission equipment and other real and personal property located at the site of an integrated coal gasification powerplant or a fluidized bed combustion technology that is employed specifically to serve the integrated coal gasification powerplant or fluidized bed combustion technology.
As added by P.L.191-2005, SEC.15. Amended by P.L.122-2006, SEC.11.
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 29. Coal Gasification Technology Investment Tax Credit › 6-3.1-29-11. "State Tax Liability"

Sec. 11. As used in this chapter, "state tax liability" means a taxpayer's total tax liability that is incurred under:
(1) IC 6-3-1 through IC 6-3-7 (the adjusted gross income tax);
(2) IC 6-5.5 (the financial institutions tax);
(3) IC 27-1-18-2 (the insurance premiums tax); and
(4) IC 6-2.3 (the utility receipts tax) (before its repeal);
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.
As added by P.L.191-2005, SEC.15. Amended by P.L.138-2022, SEC.9.
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 29. Coal Gasification Technology Investment Tax Credit › 6-3.1-29-12. "Taxpayer"

Sec. 12. As used in this chapter, "taxpayer" means a person, a corporation, a partnership, or other entity that makes a qualified investment.
As added by P.L.191-2005, SEC.15.
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 29. Coal Gasification Technology Investment Tax Credit › 6-3.1-29-13. "Women's Business Enterprise"

Sec. 13. As used in this chapter, "women's business enterprise" has the meaning set forth in IC 4-13-16.5-1.
As added by P.L.191-2005, SEC.15. Amended by P.L.15-2020, SEC.20; P.L.32-2021, SEC.11.
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 29. Coal Gasification Technology Investment Tax Credit › 6-3.1-29-14. Credit

Sec. 14. (a) A taxpayer that:
(1) is awarded a tax credit under this chapter by the corporation; and
(2) complies with the conditions set forth in this chapter and the agreement entered into by the corporation and the taxpayer under this chapter;
is entitled to a credit against the taxpayer's state tax liability for a taxable year in which the taxpayer places into service an integrated coal gasification powerplant or a fluidized bed combustion technology and for the taxable years provided in section 16 of this chapter.
(b) A tax credit awarded under this chapter must be applied against the taxpayer's state tax liability in the following order:
(1) Against the taxpayer's liability incurred under IC 6-3-1 through IC 6-3-7 (the adjusted gross income tax).
(2) Against the taxpayer's liability incurred under IC 6-5.5 (the financial institutions tax).
(3) Against the taxpayer's liability incurred under IC 27-1-18-2 (the insurance premiums tax).
(4) Against the taxpayer's liability incurred under IC 6-2.3 (the utility receipts tax) (before its repeal).
As added by P.L.191-2005, SEC.15. Amended by P.L.122-2006, SEC.12; P.L.138-2022, SEC.10.
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 29. Coal Gasification Technology Investment Tax Credit › 6-3.1-29-15. Computation of Credit Amount

Sec. 15. (a) Subject to section 16 of this chapter, the amount of the credit to which a taxpayer is entitled for a qualified investment in an integrated coal gasification powerplant is equal to the sum of the following:
(1) Ten percent (10%) of the taxpayer's qualified investment for the first five hundred million dollars ($500,000,000) invested.
(2) Five percent (5%) of the amount of the taxpayer's qualified investment that exceeds five hundred million dollars ($500,000,000) only if the facility is dedicated primarily to serving Indiana retail electric or gas utility consumers.
(b) Subject to section 16 of this chapter, the amount of the credit to which a taxpayer is entitled for a qualified investment in a fluidized bed combustion technology is equal to the sum of the following:
(1) Seven percent (7%) of the taxpayer's qualified investment for the first five hundred million dollars ($500,000,000) invested.
(2) Three percent (3%) of the amount of the taxpayer's qualified investment that exceeds five hundred million dollars ($500,000,000).
As added by P.L.191-2005, SEC.15. Amended by P.L.122-2006, SEC.13; P.L.175-2007, SEC.5.
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 29. Coal Gasification Technology Investment Tax Credit › 6-3.1-29-16. Limitations on Use of Credit

Sec. 16. (a) A credit awarded under section 15 of this chapter must be taken in ten (10) annual installments, beginning with the year in which the taxpayer places into service an integrated coal gasification powerplant or a fluidized bed combustion technology.
(b) Subject to section 20 of this chapter, the amount of an annual installment of the credit awarded under section 15 of this chapter is equal to the amount determined in the last of the following STEPS:
STEP ONE: Determine the lesser of:
(A) the credit amount determined under section 15 of this chapter, divided by ten (10); or
(B) the greater of:
(i) the taxpayer's total state tax liability for the taxable year, multiplied by twenty-five percent (25%); or
(ii) the taxpayer's liability for the utility receipts tax imposed under IC 6-2.3 (before its repeal) for the taxable year.
STEP TWO: Multiply the STEP ONE amount by the percentage of Indiana coal used in the taxpayer's integrated coal gasification powerplant or fluidized bed combustion technology in the taxable year for which the annual installment of the credit is allowed.
(c) If the credit allowed by this chapter is available to a member of an affiliated group of corporations filing a consolidated return under IC 6-2.3-6-5 (before its repeal) or IC 6-3-4-14, the credit shall be applied against the state tax liability of the affiliated group.
As added by P.L.191-2005, SEC.15. Amended by P.L.122-2006, SEC.14; P.L.138-2022, SEC.11.
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 29. Coal Gasification Technology Investment Tax Credit › 6-3.1-29-17. Preconstruction Application for Credit

Sec. 17. A person that proposes to place a new integrated coal gasification powerplant or fluidized bed combustion technology into service may apply to the corporation before the taxpayer makes the qualified investment to enter into an agreement for a tax credit under this chapter. The corporation shall prescribe the form of the application.
As added by P.L.191-2005, SEC.15. Amended by P.L.122-2006, SEC.15.
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 29. Coal Gasification Technology Investment Tax Credit › 6-3.1-29-18. Conditions for Granting Credit Application

Sec. 18. After receipt of an application, the corporation may enter into an agreement with the applicant for a credit under this chapter if the corporation determines that the taxpayer's proposed investment satisfies the requirements of this chapter.
As added by P.L.191-2005, SEC.15.
2023 Indiana Code › Title 6. Taxation › Article 3.1. State Tax Liability Credits › Chapter 29. Coal Gasification Technology Investment Tax Credit › 6-3.1-29-20. Allocation of Credit Among Shareholders, Partners, and Members

Sec. 20. (a) This section applies if a qualified investment is made by a pass through entity or by taxpayers who are co-owners of an integrated coal gasification powerplant or a fluidized bed combustion technology.
(b) If the credit allowed by this chapter for a taxable year is greater than the state tax liability of the pass through entity against which the tax credit may be applied, a shareholder, partner, or member of the pass through entity is entitled to a tax credit equal to:
(1) the tax credit determined for the pass through entity for the taxable year in excess of the pass through entity's state tax liability for the taxable year; multiplied by
(2) in the case of a pass through entity described in:
(i) section 9(1), 9(2), 9(3), or 9(4) of this chapter, the percentage of the pass through entity's distributive income to which the shareholder, partner, or member is entitled; and
(ii) section 9(5) or 9(6) of this chapter, the relative percentage of the corporation's patronage dividends allocable to the member for the taxable year.
(c) If an integrated coal gasification powerplant or a fluidized bed combustion technology is co-owned by two (2) or more taxpayers, the amount of the credit that may be allowed to a co-owner in a taxable year is equal to:
(1) the tax credit determined under sections 15 and 16 of this chapter with respect to the total qualified investment in the integrated coal gasification powerplant or fluidized bed combustion technology; multiplied by
(2) the co-owner's percentage of ownership in the integrated coal gasification powerplant or fluidized bed combustion technology.
(d) The amount of an annual installment of the credit allowed to a shareholder, partner, or member of a pass through entity or a co-owner shall be determined under section 16 of this chapter modified as follows:
(1) Section 16(b) STEP ONE (A) of this chapter shall be based on the percentage of the credit allowed to the shareholder, partner, member, or co-owner under this section.
(2) Section 16(b) STEP ONE (B) of this chapter shall be based on the:
(A) state tax liability; or
(B) utilities receipts tax liability;
of the shareholder, partner, member, or co-owner.
As added by P.L.191-2005, SEC.15. Amended by P.L.122-2006, SEC.17.