CHAPTER 31.5. ENERGY SAVINGS TAX CREDIT
IC 6-3.1-31.5
Chapter 31.5. Energy Savings Tax Credit
IC 6-3.1-31.5-1
Application of chapter
Sec. 1. This chapter applies only to taxable years beginning afterDecember 31, 2008.
As added by P.L.175-2007, SEC.8.
IC 6-3.1-31.5-2
"Energy star heating and cooling equipment"
Sec. 2. As used in this chapter, "energy star heating and coolingequipment" means heating and cooling equipment that is rated forenergy efficiency under the federal energy star program andmanufactured in the United States.
As added by P.L.175-2007, SEC.8.
IC 6-3.1-31.5-3
"Energy star program"
Sec. 3. As used in this chapter, "energy star program" refers to theprogram established by Section 324A of the federal Energy Policyand Conservation Act.
As added by P.L.175-2007, SEC.8.
IC 6-3.1-31.5-4
"Heating and cooling equipment"
Sec. 4. As used in this chapter, "heating and cooling equipment"means:
(1) a furnace;
(2) a water heater;
(3) central air conditioning;
(4) a room air conditioner; and
(5) a programmable thermostat.
As added by P.L.175-2007, SEC.8.
IC 6-3.1-31.5-5
"Pass through entity"
Sec. 5. As used in this chapter, "pass through entity" means:
(1) a corporation that is exempt from the adjusted gross incometax under IC 6-3-2-2.8(2);
(2) a partnership;
(3) a limited liability company; or
(4) a limited liability partnership.
As added by P.L.175-2007, SEC.8.
IC 6-3.1-31.5-6
"Small business"
Sec. 6. As used in this chapter, "small business" has the meaningset forth in IC 4-4-5.2-3.
As added by P.L.175-2007, SEC.8.
IC 6-3.1-31.5-7
"State tax liability"
Sec. 7. As used in this chapter, "state tax liability" means thetaxpayer'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); and
(3) IC 6-5.5 (the financial institutions 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.175-2007, SEC.8.
IC 6-3.1-31.5-8
"Taxpayer"
Sec. 8. As used in this chapter, "taxpayer" means:
(1) an individual filing a single return;
(2) a married couple filing a joint return; or
(3) a small business;
that has any state tax liability.
As added by P.L.175-2007, SEC.8.
IC 6-3.1-31.5-9
Credit entitlement and amount
Sec. 9. Subject to section 12 of this chapter, a taxpayer is entitledto a credit against the taxpayer's state tax liability for a taxable yearequal to the lesser of the following:
(1) Twenty percent (20%) of the amount of expenditures forenergy star heating and cooling equipment incurred by thetaxpayer during the taxable year.
(2) One hundred dollars ($100).
As added by P.L.175-2007, SEC.8.
IC 6-3.1-31.5-10
Allocation of credit among shareholders, partners, and members
Sec. 10. (a) If a pass through entity is entitled to a credit underthis chapter but does not have state tax liability against which thecredit may be applied, an individual who is a shareholder, partner, ormember of the pass through entity is entitled to a credit equal to:
(1) the credit determined for the pass through entity for thetaxable year; multiplied by
(2) the percentage of the pass through entity's distributableincome to which the individual is entitled.
(b) The credit provided under subsection (a) is in addition to a taxcredit to which a shareholder, partner, or member of a pass throughentity is otherwise entitled under this chapter. However, a passthrough entity and an individual who is a shareholder, partner, ormember of the pass through entity may not claim more than one (1)credit for the same expenditures for energy star heating and coolingequipment.
As added by P.L.175-2007, SEC.8.
IC 6-3.1-31.5-11
Credit carryover, carryback, or refund unavailable
Sec. 11. The amount of a credit claimed under this chapter maynot exceed a qualified taxpayer's state tax liability. A taxpayer is notentitled to a carryback, carryover, or refund of an unused credit.
As added by P.L.175-2007, SEC.8.
IC 6-3.1-31.5-12
Credit not assignable
Sec. 12. A taxpayer may not sell, assign, convey, or otherwisetransfer the tax credit provided by this chapter.
As added by P.L.175-2007, SEC.8.
IC 6-3.1-31.5-13
Maximum amount of credits; expiration
Sec. 13. (a) The total amount of tax credits allowed under thischapter may not exceed one million dollars ($1,000,000) in a statefiscal year.
(b) A taxpayer may not be awarded a credit under this chapter fortaxable years beginning after December 31, 2010.
As added by P.L.175-2007, SEC.8. Amended by P.L.211-2007,SEC.29.
IC 6-3.1-31.5-14
Claim procedure
Sec. 14. To receive the credit provided by this chapter, a taxpayermust claim the credit on the taxpayer's annual state tax return orreturns in the manner prescribed by the department. The taxpayershall submit to the department all information that the departmentdetermines is necessary for the calculation of the credit provided bythis chapter.
As added by P.L.175-2007, SEC.8.