Ind. Code § 6-3.1-22-8
Entitlement to credit
Redline — January 1, 2018 → current.View current text →
Current — January 1, 2025
As of January 1, 2018
Sec. 8. (a) Subject to section 14 of this chapter, a taxpayer is entitled to a credit against the taxpayer's state tax liability in the taxable year in which the taxpayer completes the preservation or rehabilitation of historic property and obtains the certifications required under section 9 of this chapter.
Sec. 8. (a) Subject to section 14 of this chapter, and except as provided in section 15.5 of this chapter, a taxpayer is entitled to a credit against the taxpayer's state tax liability in the taxable year in which the taxpayer completes the preservation or rehabilitation of historic property and obtains the certifications required under section 9 of this chapter.
(b) The amount of the credit is equal to twenty percent (20%) of the qualified expenditures that:
(b) The amount of the credit is equal to the lesser of ten thousand dollars ($10,000) or twenty percent (20%) of the qualified expenditures that:
(1) the taxpayer makes for the preservation or rehabilitation of historic property; and
(1) the taxpayer makes for the preservation or rehabilitation of historic property; and
(2) are approved by the office.
(2) are approved by the office.
(c) In the case of a husband and wife who:
(c) In the case of a husband and wife who:
(1) own and rehabilitate a historic property jointly; and
(1) own and rehabilitate a historic property jointly; and
(2) file separate tax returns;
(2) file separate tax returns;
the husband and wife may take the credit in equal shares or one (1) spouse may take the whole credit.
the husband and wife may take the credit in equal shares or one (1) spouse may take the whole credit.
Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.