Ind. Code § 5-28-6-9
Annual aggregate applicable tax credit limit
Redline — January 1, 2023 → current.View current text →
Current — January 1, 2025
As of January 1, 2023
Sec. 9. (a) Subject to subsection (c), the aggregate amount of applicable tax credits that the corporation may certify for a state fiscal year for all taxpayers is two hundred fifty million dollars ($250,000,000).
Sec. 9. (a) Subject to subsection (c), the aggregate amount of applicable tax credits that the corporation may certify:
(1) for each state fiscal year ending on or before June 30, 2025, for all taxpayers is two hundred fifty million dollars ($250,000,000); and
(2) for each state fiscal year ending on or after July 1, 2025, for all taxpayers is three hundred million dollars ($300,000,000). Each certification under this subdivision is subject to budget committee review.
(b) For purposes of determining the amount of applicable tax credits that have been certified for a state fiscal year, the following apply:
(b) For purposes of determining the amount of applicable tax credits that have been certified for a state fiscal year, the following apply:
(1) An applicable tax credit is considered awarded in the state fiscal year in which the taxpayer can first claim the credit, determined without regard to any carryforward period or carryback period.
(1) An applicable tax credit is considered awarded in the state fiscal year in which the taxpayer can first claim the credit, determined without regard to any carryforward period or carryback period.
(2) An applicable tax credit awarded by the corporation before July 1, 2022, shall be counted toward the aggregate credit limitation under this section.
(2) An applicable tax credit awarded by the corporation before July 1, 2022, shall be counted toward the aggregate credit limitation under this section.
(3) If an accelerated credit is awarded under IC 6-3.1-26-15, the amount counted toward the aggregate credit limitation under this section for a state fiscal year shall be the amount of the credit for the taxable year described in subdivision (1) prior to any discount.
(3) If an accelerated credit is awarded under IC 6-3.1-26-15, the amount counted toward the aggregate credit limitation under this section for a state fiscal year shall be the amount of the credit for the taxable year described in subdivision (1) prior to any discount.
(c) Notwithstanding subsection (a), if the corporation determines that:
(c) Notwithstanding subsection (a), if the corporation determines that:
(1) an applicable tax credit should be certified in a state fiscal year; and
(1) an applicable tax credit should be certified in a state fiscal year; and
(2) certification of the applicable tax credit will result in an aggregate amount of applicable tax credits certified for that state fiscal year that exceeds the maximum amount provided in subsection (a);
(2) certification of the applicable tax credit will result in an aggregate amount of applicable tax credits certified for that state fiscal year that exceeds the maximum amount provided in subsection (a);
the corporation may, after review by the budget committee, certify the applicable tax credit to the taxpayer.
the corporation may, after review by the budget committee, certify the applicable tax credit to the taxpayer.
(d) This section expires December 31, 2032.
Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.