Ind. Code § 6-3.1-40-6
Credit; eligibility; amount
Redline — January 1, 2023 → current.View current text →
Current — January 1, 2025
As of January 1, 2023
Sec. 6. If a taxpayer has an ownership interest in a physician owned medical practice described in section 5(2) of this chapter that:
(1) is established as a legal entity under Indiana law after December 31, 2023;
Sec. 6. If a taxpayer:
(1) has an ownership interest in a physician owned medical practice described in section 5(2) of this chapter that: (A) is established as a legal entity under Indiana law after December 31, 2023; (B) opens and begins to provide health care services to patients in a particular calendar year beginning after December 31, 2023; and (C) has billed for health care services for at least six (6) months of a calendar year;
(2) has an ownership interest in the income of the physician owned medical practice that is at least:
(A) for a physician owned medical practice with not more than ten (10) owners, five percent (5%) of the physician owned medical practice's income; and
(B) for a physician owned medical practice with more than ten (10) owners, fifty percent (50%) of the physician owned medical practice's income divided by the number of physicians who own an interest in the physician owned medical practice; and
(3) has billed for health care services described in subdivision (2) for at least six (6) months of that taxable year;
(3) provided health care services in the physician owned medical practice for at least six (6) months of a calendar year;
the taxpayer may, subject to section 7 of this chapter, claim a credit against the taxpayer's state income tax liability. Subject to section 8 of this chapter, the amount of the credit allowed under this chapter for a particular taxable year is twenty thousand dollars ($20,000).
the taxpayer may, subject to sections 7 and 9.5 of this chapter, claim a credit against the taxpayer's state income tax liability. Subject to sections 8 and 11 of this chapter, the amount of the credit allowed under this chapter for a taxpayer in the particular calendar year is twenty thousand dollars ($20,000).
Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.