CHAPTER 17. INDIANA RIVERBOAT BUILDING CREDIT
IC 6-3.1-17
Chapter 17. Indiana Riverboat Building Credit
IC 6-3.1-17-1
"Qualified investment" defined
Sec. 1. As used in this chapter, "qualified investment" means costsincurred to build or refurbish a riverboat in Indiana that are approvedby the Indiana economic development corporation under section 7 ofthis chapter.
As added by P.L.19-1994, SEC.10. Amended by P.L.4-2005, SEC.91.
IC 6-3.1-17-2
"Riverboat" defined
Sec. 2. As used in this chapter, "riverboat" has the meaning setforth in IC 4-33-2-17.
As added by P.L.19-1994, SEC.10.
IC 6-3.1-17-3
"State tax liability" defined
Sec. 3. As used in this chapter, "state tax liability" means ataxpayer'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);
(3) IC 6-5.5 (the financial institutions tax); and
(4) IC 6-2.5 (the state gross retail and use tax);
as computed after the application of the credits that underIC 6-3.1-1-2 are to be applied before the credit provided by thischapter.
As added by P.L.19-1994, SEC.10. Amended by P.L.192-2002(ss),SEC.110.
IC 6-3.1-17-4
"Taxpayer" defined
Sec. 4. As used in this chapter, "taxpayer" means an individual orentity that has any state tax liability.
As added by P.L.19-1994, SEC.10.
IC 6-3.1-17-5
Entitlement to and amount of credit
Sec. 5. (a) A taxpayer is entitled to a credit against the taxpayer'sstate tax liability for a taxable year if the taxpayer makes a qualifiedinvestment in that taxable year.
(b) The amount of the credit to which a taxpayer is entitled isequal to fifteen percent (15%) multiplied by the qualified investmentmade by the taxpayer during the taxable year.
As added by P.L.19-1994, SEC.10.
IC 6-3.1-17-6
Carryover of credit
Sec. 6. (a) If the amount determined under section 5(b) of this
chapter for a taxpayer in a taxable year exceeds the taxpayer's statetax liability for that taxable year, the taxpayer may carry the excessover to the following taxable years. The amount of the creditcarryover from a taxable year shall be reduced to the extent that thecarryover is used by the taxpayer to obtain a credit under this chapterfor any subsequent taxable year.
(b) A taxpayer is not entitled to a carryback or refund of anyunused credit.
As added by P.L.19-1994, SEC.10.
IC 6-3.1-17-7
Determination of qualified investment
Sec. 7. (a) To be entitled to a credit under this chapter, a taxpayermust request the Indiana economic development corporation todetermine whether costs incurred to build or refurbish a riverboat arequalified investments.
(b) The request under subsection (a) must be made before thecosts are incurred.
(c) The Indiana economic development corporation shall find thatcosts are a qualified investment to the extent that the costs result:
(1) from work performed in Indiana to build or refurbish ariverboat; and
(2) in taxable income to any other Indiana taxpayer;
as determined under the standards adopted by the Indiana economicdevelopment corporation.
As added by P.L.19-1994, SEC.10. Amended by P.L.4-2005, SEC.92.
IC 6-3.1-17-8
Claim for credit
Sec. 8. To receive the credit provided by this chapter, a taxpayermust claim the credit on the taxpayer's state tax return or returns inthe manner prescribed by the department. The taxpayer shall submitto the department the certification of credit by the Indiana economicdevelopment corporation, proof of payment of the certified qualifiedinvestment, and all information that the department determines isnecessary for the calculation of the credit provided by this chapterand for the determination of whether an investment cost is a qualifiedinvestment cost.
As added by P.L.19-1994, SEC.10. Amended by P.L.4-2005, SEC.93.
IC 6-3.1-17-9
Aggregate monetary limitation on credits
Sec. 9. (a) The amount of tax credits allowed under this chaptermay not exceed one million dollars ($1,000,000) in a state fiscalyear.
(b) The department shall record the time of filing of eachapplication for allowance of a credit under section 8 of this chapterand shall approve the applications, if they otherwise qualify for a taxcredit under this chapter, in the chronological order in which theapplications are filed in the state fiscal year. (c) When the total credits approved under this section equal themaximum amount allowable in a state fiscal year, no applicationthereafter filed for that same fiscal year shall be approved. However,if an applicant for whom a credit has been approved fails to file thestatement of proof of payment required under section 8 of thischapter, an amount equal to the credit previously allowed or set asidefor the applicant may be allowed to any subsequent applicant in theyear. In addition, the department may, if the applicant so requests,approve a credit application, in whole or in part, with respect to thenext succeeding state fiscal year.
As added by P.L.19-1994, SEC.10.