CHAPTER 1. DEFINITIONS; PRIORITY OF CREDITS

IC 6-3.1

    ARTICLE 3.1. STATE TAX LIABILITY CREDITS



IC 6-3.1-1

    

Chapter 1. Definitions; Priority of Credits

IC 6-3.1-1-1

Definitions; application

    

Sec. 1. Except as otherwise provided in this article, the definitions
contained in IC 6-3-1 apply throughout this article.

As added by P.L.51-1984, SEC.1.

IC 6-3.1-1-2

Order of application

    

Sec. 2. (a) The tax credits a taxpayer is entitled to shall be applied
against the taxpayer's tax liabilities in the following order:

        (1) First, credits which may not be refunded to a taxpayer nor
carried over and applied against any tax liability for any
succeeding taxable year.

        (2) Second, credits which may not be refunded to a taxpayer,
but which may be carried over and applied against any tax
liability for any succeeding taxable year.

        (3) Third, credits which will be refunded to a taxpayer to the
extent the credit exceeds the tax liability it is to be applied
against.

    (b) Credits described in subsection (a)(2) shall be applied against
a taxpayer's tax liabilities so that the credits which may be applied to
the fewest succeeding taxable years are utilized first.

As added by P.L.51-1984, SEC.1.

IC 6-3.1-1-3

Limitation on number of credits granted; election by taxpayer

    

Sec. 3. A taxpayer (as defined in the following laws), pass through
entity (as defined in the following laws), or shareholder, partner, or
member of a pass through entity may not be granted more than one
(1) tax credit under the following laws for the same project:

        (1) IC 6-3.1-10 (enterprise zone investment cost credit).

        (2) IC 6-3.1-11 (industrial recovery tax credit).

        (3) IC 6-3.1-11.5 (military base recovery tax credit).

        (4) IC 6-3.1-11.6 (military base investment cost credit).

        (5) IC 6-3.1-13.5 (capital investment tax credit).

        (6) IC 6-3.1-19 (community revitalization enhancement district
tax credit).

        (7) IC 6-3.1-24 (venture capital investment tax credit).

        (8) IC 6-3.1-26 (Hoosier business investment tax credit).

        (9) IC 6-3.1-31.9 (Hoosier alternative fuel vehicle manufacturer
tax credit).

If a taxpayer, pass through entity, or shareholder, partner, or member
of a pass through entity has been granted more than one (1) tax credit
for the same project, the taxpayer, pass through entity, or

shareholder, partner, or member of a pass through entity must elect
to apply only one (1) of the tax credits in the manner and form
prescribed by the department.

As added by P.L.199-2005, SEC.17. Amended by P.L.223-2007,
SEC.3.