IC 6-3.1-27
Chapter 27. Blended Biodiesel Tax Credits
IC 6-3.1-27-1 "Biodiesel"
Sec. 1. As used in this chapter, "biodiesel" means a renewable,
biodegradable, mono alkyl ester combustible liquid fuel derived from
agricultural plant oils or animal fats that meets American Society for
Testing and Materials specification D6751-03a Standard
Specification for Biodiesel Fuel (B100) Blend Stock for Distillate
Fuels. As added by P.L.224-2003, SEC.199. Amended by P.L.122-2006,
SEC.4.
IC 6-3.1-27-2 "Blended biodiesel"
Sec. 2. As used in this chapter, "blended biodiesel" refers to a
blend of biodiesel with petroleum diesel so that the percentage of
biodiesel in the blend is at least two percent (2%) (B2 or greater).
The term does not include biodiesel (B100). As added by P.L.224-2003, SEC.199.
IC 6-3.1-27-2.5 "Corporation"
Sec. 2.5. As used in this chapter, "corporation" refers to the
Indiana economic development corporation. As added by P.L.191-2005, SEC.2.
IC 6-3.1-27-3 "Dealer"
Sec. 3. As used in this chapter, "dealer" has the meaning set forth
in IC 6-6-1.1-103. As added by P.L.224-2003, SEC.199.
IC 6-3.1-27-3.2 "Distribute at retail"
Sec. 3.2. As used in this chapter, "distribute at retail" means to
sell or otherwise distribute for consideration to an end user in
Indiana. As added by P.L.191-2005, SEC.3.
IC 6-3.1-27-3.5 "Facility"
Sec. 3.5. As used in this chapter, "facility" refers to a facility that
is located in Indiana and is for the production of:
(1) biodiesel;
(2) blended biodiesel that is blended with biodiesel produced at
a facility located in Indiana; or
(3) both biodiesel and blended biodiesel, as described in
subdivision (2).
As added by P.L.191-2005, SEC.4.
IC 6-3.1-27-4 "Pass through entity"
Sec. 4. As used in this chapter, "pass through entity" means:
(1) a corporation that is exempt from the adjusted gross income
tax 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.224-2003, SEC.199.
IC 6-3.1-27-5
Repealed
(Repealed by P.L.191-2005, SEC.16.)
IC 6-3.1-27-6 "State tax liability"
Sec. 6. As used in this chapter, "state tax liability" means a
taxpayer's total tax liability that is incurred under:
(1) IC 6-2.5 (the state gross retail and use tax);
(2) IC 6-3-1 through IC 6-3-7 (the adjusted gross income tax);
(3) IC 6-5.5 (the financial institutions tax); and
(4) IC 27-1-18-2 (the insurance premiums tax);
as computed after the application of the credits that under
IC 6-3.1-1-2 are to be applied before the credit provided by this
chapter. As added by P.L.224-2003, SEC.199.
IC 6-3.1-27-7 "Taxpayer"
Sec. 7. As used in this chapter, "taxpayer" means an individual or
entity that has any state tax liability. As added by P.L.224-2003, SEC.199.
IC 6-3.1-27-8 Biodiesel production tax credit
Sec. 8. (a) Subject to section 9.5 of this chapter, a taxpayer that
has been certified by the corporation as eligible for a credit under
this section and produces biodiesel at a facility located in Indiana is
entitled to a credit against the taxpayer's state tax liability equal to
the product of:
(1) one dollar ($1); multiplied by
(2) the number of gallons of biodiesel:
(A) produced at the Indiana facility during the taxable year;
and
(B) used to produce blended biodiesel.
(b) The corporation shall determine the maximum amount of
credits that a taxpayer (or, if the person producing the biodiesel is a
pass through entity, the shareholders, partners, or members of the
pass through entity) is eligible to receive under this section. The total
amount of credits that the corporation may grant to a taxpayer (or, if
the person producing the biodiesel is a pass through entity, the
shareholders, partners, or members of the pass through entity) under
this section may not exceed three million dollars ($3,000,000) for all
taxable years.
(c) Notwithstanding subsection (b), the total amount of credits
allowed a taxpayer (or if the person producing biodiesel is a pass
through entity, the shareholders, partners, or members of the pass
through entity) may be increased to an amount not to exceed a total
of five million dollars ($5,000,000) for all taxable years with the
prior approval of the Indiana economic development corporation. As added by P.L.224-2003, SEC.199. Amended by P.L.191-2005,
SEC.5; P.L.122-2006, SEC.5.
IC 6-3.1-27-9 Blended biodiesel production credit
Sec. 9. (a) Subject to section 9.5 of this chapter, a taxpayer that
has been certified by the corporation as eligible for a credit under
this section and produces blended biodiesel at a facility located in
Indiana is entitled to a credit against the taxpayer's state tax liability
equal to the product of:
(1) two cents ($0.02); multiplied by
(2) the number of gallons of blended biodiesel:
(A) produced at the Indiana facility; and
(B) blended with biodiesel produced at a facility located in
Indiana.
(b) The corporation shall determine the maximum amount of
credits that a taxpayer (or, if the person producing the blended
biodiesel is a pass through entity, the shareholders, partners, or
members of the pass through entity) is eligible to receive under this
section. The total amount of credits that the corporation may grant to
a taxpayer (or, if the person producing the blended biodiesel is a pass
through entity, the shareholders, partners, or members of the pass
through entity) under this section may not exceed three million
dollars ($3,000,000) for all taxable years. As added by P.L.224-2003, SEC.199. Amended by P.L.191-2005,
SEC.6; P.L.122-2006, SEC.6.
IC 6-3.1-27-9.5 Maximum amount of tax credits allowed
Sec. 9.5. Except as provided in IC 6-3.1-28-11(c), the total amount
of credits allowed under:
(1) section 8 of this chapter;
(2) section 9 of this chapter; and
(3) IC 6-3.1-28;
may not exceed fifty million dollars ($50,000,000) for all taxpayers
and all taxable years beginning after December 31, 2004. The
corporation shall determine the maximum allowable amount for each
type of credit, which must be at least four million dollars
($4,000,000) for each type of credit. As added by P.L.191-2005, SEC.7. Amended by P.L.122-2006,
SEC.7; P.L.175-2007, SEC.1.
IC 6-3.1-27-10 Credit for sale of blended biodiesel
Sec. 10. (a) A taxpayer that:
(1) is a dealer; and
(2) distributes at retail blended biodiesel in a taxable year;
is entitled to a credit against the taxpayer's state tax liability.
(b) The amount of the credit allowed under this section is the
product of:
(1) one cent ($0.01); multiplied by
(2) the total number of gallons of blended biodiesel distributed
at retail by the taxpayer in a taxable year.
(c) The total amount of credits allowed under this section may not
exceed one million dollars ($1,000,000) for all taxpayers and all
taxable years.
(d) A credit under this section may not be taken for blended
biodiesel distributed at retail after December 31, 2010. As added by P.L.224-2003, SEC.199. Amended by P.L.191-2005,
SEC.8; P.L.122-2006, SEC.8.
IC 6-3.1-27-11 Pass through entities
Sec. 11. If a pass through entity is entitled to a credit under this
chapter but does not have state tax liability against which the tax
credit may be applied, a shareholder, partner, or member of the pass
through entity is entitled to a tax credit equal to:
(1) the tax credit determined for the pass through entity for the
taxable year; multiplied by
(2) the percentage of the pass through entity's distributive
income to which the shareholder, partner, or member is entitled. As added by P.L.224-2003, SEC.199.
IC 6-3.1-27-12 Carryover of tax credits; assignment
Sec. 12. (a) If the amount of the credit determined under this
chapter for a taxpayer in a taxable year exceeds the taxpayer's state
tax liability for that taxable year, the taxpayer may carry over the
excess to the following taxable years. The amount of the credit
carryover from a taxable year shall be reduced to the extent that the
carryover is used by the taxpayer to obtain a credit under this chapter
for any subsequent taxable year. A credit may not be carried forward
for more than six (6) taxable years following the taxable year in
which the taxpayer was first entitled to claim the credit.
(b) A taxpayer is not entitled to a carryback or refund of any
unused credit. A taxpayer may not sell, assign, convey, or otherwise
transfer the tax credit provided by this chapter. As added by P.L.224-2003, SEC.199. Amended by P.L.191-2005,
SEC.9.
IC 6-3.1-27-13 Claiming credit
Sec. 13. To receive the credit provided by this chapter, a taxpayer
must do the following:
(1) Claim the credit on the taxpayer's state tax return or returns
in the manner prescribed by the department.
(2) Provide a copy of the certificate of the corporation finding:
(A) that the taxpayer; or
(B) if the taxpayer is a shareholder, partner, or member of a
pass through entity, that the pass through entity;
is eligible for the credit under IC 5-28-6-3.
(3) Submit to the department proof of all information that the
department determines is necessary for the calculation of the
credit provided by this chapter.
The department may require a pass through entity to provide
informational reports that the department determines necessary for
the department to calculate the percentage of a credit provided by
this chapter to which a shareholder, partner, or member of the pass
through entity is entitled. As added by P.L.224-2003, SEC.199. Amended by P.L.191-2005,
SEC.10.
IC 6-3.1-27
Chapter 27. Blended Biodiesel Tax Credits
IC 6-3.1-27-1 "Biodiesel"
Sec. 1. As used in this chapter, "biodiesel" means a renewable,
biodegradable, mono alkyl ester combustible liquid fuel derived from
agricultural plant oils or animal fats that meets American Society for
Testing and Materials specification D6751-03a Standard
Specification for Biodiesel Fuel (B100) Blend Stock for Distillate
Fuels. As added by P.L.224-2003, SEC.199. Amended by P.L.122-2006,
SEC.4.
IC 6-3.1-27-2 "Blended biodiesel"
Sec. 2. As used in this chapter, "blended biodiesel" refers to a
blend of biodiesel with petroleum diesel so that the percentage of
biodiesel in the blend is at least two percent (2%) (B2 or greater).
The term does not include biodiesel (B100). As added by P.L.224-2003, SEC.199.
IC 6-3.1-27-2.5 "Corporation"
Sec. 2.5. As used in this chapter, "corporation" refers to the
Indiana economic development corporation. As added by P.L.191-2005, SEC.2.
IC 6-3.1-27-3 "Dealer"
Sec. 3. As used in this chapter, "dealer" has the meaning set forth
in IC 6-6-1.1-103. As added by P.L.224-2003, SEC.199.
IC 6-3.1-27-3.2 "Distribute at retail"
Sec. 3.2. As used in this chapter, "distribute at retail" means to
sell or otherwise distribute for consideration to an end user in
Indiana. As added by P.L.191-2005, SEC.3.
IC 6-3.1-27-3.5 "Facility"
Sec. 3.5. As used in this chapter, "facility" refers to a facility that
is located in Indiana and is for the production of:
(1) biodiesel;
(2) blended biodiesel that is blended with biodiesel produced at
a facility located in Indiana; or
(3) both biodiesel and blended biodiesel, as described in
subdivision (2).
As added by P.L.191-2005, SEC.4.
IC 6-3.1-27-4 "Pass through entity"
Sec. 4. As used in this chapter, "pass through entity" means:
(1) a corporation that is exempt from the adjusted gross income
tax 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.224-2003, SEC.199.
IC 6-3.1-27-5
Repealed
(Repealed by P.L.191-2005, SEC.16.)
IC 6-3.1-27-6 "State tax liability"
Sec. 6. As used in this chapter, "state tax liability" means a
taxpayer's total tax liability that is incurred under:
(1) IC 6-2.5 (the state gross retail and use tax);
(2) IC 6-3-1 through IC 6-3-7 (the adjusted gross income tax);
(3) IC 6-5.5 (the financial institutions tax); and
(4) IC 27-1-18-2 (the insurance premiums tax);
as computed after the application of the credits that under
IC 6-3.1-1-2 are to be applied before the credit provided by this
chapter. As added by P.L.224-2003, SEC.199.
IC 6-3.1-27-7 "Taxpayer"
Sec. 7. As used in this chapter, "taxpayer" means an individual or
entity that has any state tax liability. As added by P.L.224-2003, SEC.199.
IC 6-3.1-27-8 Biodiesel production tax credit
Sec. 8. (a) Subject to section 9.5 of this chapter, a taxpayer that
has been certified by the corporation as eligible for a credit under
this section and produces biodiesel at a facility located in Indiana is
entitled to a credit against the taxpayer's state tax liability equal to
the product of:
(1) one dollar ($1); multiplied by
(2) the number of gallons of biodiesel:
(A) produced at the Indiana facility during the taxable year;
and
(B) used to produce blended biodiesel.
(b) The corporation shall determine the maximum amount of
credits that a taxpayer (or, if the person producing the biodiesel is a
pass through entity, the shareholders, partners, or members of the
pass through entity) is eligible to receive under this section. The total
amount of credits that the corporation may grant to a taxpayer (or, if
the person producing the biodiesel is a pass through entity, the
shareholders, partners, or members of the pass through entity) under
this section may not exceed three million dollars ($3,000,000) for all
taxable years.
(c) Notwithstanding subsection (b), the total amount of credits
allowed a taxpayer (or if the person producing biodiesel is a pass
through entity, the shareholders, partners, or members of the pass
through entity) may be increased to an amount not to exceed a total
of five million dollars ($5,000,000) for all taxable years with the
prior approval of the Indiana economic development corporation. As added by P.L.224-2003, SEC.199. Amended by P.L.191-2005,
SEC.5; P.L.122-2006, SEC.5.
IC 6-3.1-27-9 Blended biodiesel production credit
Sec. 9. (a) Subject to section 9.5 of this chapter, a taxpayer that
has been certified by the corporation as eligible for a credit under
this section and produces blended biodiesel at a facility located in
Indiana is entitled to a credit against the taxpayer's state tax liability
equal to the product of:
(1) two cents ($0.02); multiplied by
(2) the number of gallons of blended biodiesel:
(A) produced at the Indiana facility; and
(B) blended with biodiesel produced at a facility located in
Indiana.
(b) The corporation shall determine the maximum amount of
credits that a taxpayer (or, if the person producing the blended
biodiesel is a pass through entity, the shareholders, partners, or
members of the pass through entity) is eligible to receive under this
section. The total amount of credits that the corporation may grant to
a taxpayer (or, if the person producing the blended biodiesel is a pass
through entity, the shareholders, partners, or members of the pass
through entity) under this section may not exceed three million
dollars ($3,000,000) for all taxable years. As added by P.L.224-2003, SEC.199. Amended by P.L.191-2005,
SEC.6; P.L.122-2006, SEC.6.
IC 6-3.1-27-9.5 Maximum amount of tax credits allowed
Sec. 9.5. Except as provided in IC 6-3.1-28-11(c), the total amount
of credits allowed under:
(1) section 8 of this chapter;
(2) section 9 of this chapter; and
(3) IC 6-3.1-28;
may not exceed fifty million dollars ($50,000,000) for all taxpayers
and all taxable years beginning after December 31, 2004. The
corporation shall determine the maximum allowable amount for each
type of credit, which must be at least four million dollars
($4,000,000) for each type of credit. As added by P.L.191-2005, SEC.7. Amended by P.L.122-2006,
SEC.7; P.L.175-2007, SEC.1.
IC 6-3.1-27-10 Credit for sale of blended biodiesel
Sec. 10. (a) A taxpayer that:
(1) is a dealer; and
(2) distributes at retail blended biodiesel in a taxable year;
is entitled to a credit against the taxpayer's state tax liability.
(b) The amount of the credit allowed under this section is the
product of:
(1) one cent ($0.01); multiplied by
(2) the total number of gallons of blended biodiesel distributed
at retail by the taxpayer in a taxable year.
(c) The total amount of credits allowed under this section may not
exceed one million dollars ($1,000,000) for all taxpayers and all
taxable years.
(d) A credit under this section may not be taken for blended
biodiesel distributed at retail after December 31, 2010. As added by P.L.224-2003, SEC.199. Amended by P.L.191-2005,
SEC.8; P.L.122-2006, SEC.8.
IC 6-3.1-27-11 Pass through entities
Sec. 11. If a pass through entity is entitled to a credit under this
chapter but does not have state tax liability against which the tax
credit may be applied, a shareholder, partner, or member of the pass
through entity is entitled to a tax credit equal to:
(1) the tax credit determined for the pass through entity for the
taxable year; multiplied by
(2) the percentage of the pass through entity's distributive
income to which the shareholder, partner, or member is entitled. As added by P.L.224-2003, SEC.199.
IC 6-3.1-27-12 Carryover of tax credits; assignment
Sec. 12. (a) If the amount of the credit determined under this
chapter for a taxpayer in a taxable year exceeds the taxpayer's state
tax liability for that taxable year, the taxpayer may carry over the
excess to the following taxable years. The amount of the credit
carryover from a taxable year shall be reduced to the extent that the
carryover is used by the taxpayer to obtain a credit under this chapter
for any subsequent taxable year. A credit may not be carried forward
for more than six (6) taxable years following the taxable year in
which the taxpayer was first entitled to claim the credit.
(b) A taxpayer is not entitled to a carryback or refund of any
unused credit. A taxpayer may not sell, assign, convey, or otherwise
transfer the tax credit provided by this chapter. As added by P.L.224-2003, SEC.199. Amended by P.L.191-2005,
SEC.9.
IC 6-3.1-27-13 Claiming credit
Sec. 13. To receive the credit provided by this chapter, a taxpayer
must do the following:
(1) Claim the credit on the taxpayer's state tax return or returns
in the manner prescribed by the department.
(2) Provide a copy of the certificate of the corporation finding:
(A) that the taxpayer; or
(B) if the taxpayer is a shareholder, partner, or member of a
pass through entity, that the pass through entity;
is eligible for the credit under IC 5-28-6-3.
(3) Submit to the department proof of all information that the
department determines is necessary for the calculation of the
credit provided by this chapter.
The department may require a pass through entity to provide
informational reports that the department determines necessary for
the department to calculate the percentage of a credit provided by
this chapter to which a shareholder, partner, or member of the pass
through entity is entitled. As added by P.L.224-2003, SEC.199. Amended by P.L.191-2005,
SEC.10.
IC 6-3.1-27
Chapter 27. Blended Biodiesel Tax Credits
IC 6-3.1-27-1 "Biodiesel"
Sec. 1. As used in this chapter, "biodiesel" means a renewable,
biodegradable, mono alkyl ester combustible liquid fuel derived from
agricultural plant oils or animal fats that meets American Society for
Testing and Materials specification D6751-03a Standard
Specification for Biodiesel Fuel (B100) Blend Stock for Distillate
Fuels. As added by P.L.224-2003, SEC.199. Amended by P.L.122-2006,
SEC.4.
IC 6-3.1-27-2 "Blended biodiesel"
Sec. 2. As used in this chapter, "blended biodiesel" refers to a
blend of biodiesel with petroleum diesel so that the percentage of
biodiesel in the blend is at least two percent (2%) (B2 or greater).
The term does not include biodiesel (B100). As added by P.L.224-2003, SEC.199.
IC 6-3.1-27-2.5 "Corporation"
Sec. 2.5. As used in this chapter, "corporation" refers to the
Indiana economic development corporation. As added by P.L.191-2005, SEC.2.
IC 6-3.1-27-3 "Dealer"
Sec. 3. As used in this chapter, "dealer" has the meaning set forth
in IC 6-6-1.1-103. As added by P.L.224-2003, SEC.199.
IC 6-3.1-27-3.2 "Distribute at retail"
Sec. 3.2. As used in this chapter, "distribute at retail" means to
sell or otherwise distribute for consideration to an end user in
Indiana. As added by P.L.191-2005, SEC.3.
IC 6-3.1-27-3.5 "Facility"
Sec. 3.5. As used in this chapter, "facility" refers to a facility that
is located in Indiana and is for the production of:
(1) biodiesel;
(2) blended biodiesel that is blended with biodiesel produced at
a facility located in Indiana; or
(3) both biodiesel and blended biodiesel, as described in
subdivision (2).
As added by P.L.191-2005, SEC.4.
IC 6-3.1-27-4 "Pass through entity"
Sec. 4. As used in this chapter, "pass through entity" means:
(1) a corporation that is exempt from the adjusted gross income
tax 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.224-2003, SEC.199.
IC 6-3.1-27-5
Repealed
(Repealed by P.L.191-2005, SEC.16.)
IC 6-3.1-27-6 "State tax liability"
Sec. 6. As used in this chapter, "state tax liability" means a
taxpayer's total tax liability that is incurred under:
(1) IC 6-2.5 (the state gross retail and use tax);
(2) IC 6-3-1 through IC 6-3-7 (the adjusted gross income tax);
(3) IC 6-5.5 (the financial institutions tax); and
(4) IC 27-1-18-2 (the insurance premiums tax);
as computed after the application of the credits that under
IC 6-3.1-1-2 are to be applied before the credit provided by this
chapter. As added by P.L.224-2003, SEC.199.
IC 6-3.1-27-7 "Taxpayer"
Sec. 7. As used in this chapter, "taxpayer" means an individual or
entity that has any state tax liability. As added by P.L.224-2003, SEC.199.
IC 6-3.1-27-8 Biodiesel production tax credit
Sec. 8. (a) Subject to section 9.5 of this chapter, a taxpayer that
has been certified by the corporation as eligible for a credit under
this section and produces biodiesel at a facility located in Indiana is
entitled to a credit against the taxpayer's state tax liability equal to
the product of:
(1) one dollar ($1); multiplied by
(2) the number of gallons of biodiesel:
(A) produced at the Indiana facility during the taxable year;
and
(B) used to produce blended biodiesel.
(b) The corporation shall determine the maximum amount of
credits that a taxpayer (or, if the person producing the biodiesel is a
pass through entity, the shareholders, partners, or members of the
pass through entity) is eligible to receive under this section. The total
amount of credits that the corporation may grant to a taxpayer (or, if
the person producing the biodiesel is a pass through entity, the
shareholders, partners, or members of the pass through entity) under
this section may not exceed three million dollars ($3,000,000) for all
taxable years.
(c) Notwithstanding subsection (b), the total amount of credits
allowed a taxpayer (or if the person producing biodiesel is a pass
through entity, the shareholders, partners, or members of the pass
through entity) may be increased to an amount not to exceed a total
of five million dollars ($5,000,000) for all taxable years with the
prior approval of the Indiana economic development corporation. As added by P.L.224-2003, SEC.199. Amended by P.L.191-2005,
SEC.5; P.L.122-2006, SEC.5.
IC 6-3.1-27-9 Blended biodiesel production credit
Sec. 9. (a) Subject to section 9.5 of this chapter, a taxpayer that
has been certified by the corporation as eligible for a credit under
this section and produces blended biodiesel at a facility located in
Indiana is entitled to a credit against the taxpayer's state tax liability
equal to the product of:
(1) two cents ($0.02); multiplied by
(2) the number of gallons of blended biodiesel:
(A) produced at the Indiana facility; and
(B) blended with biodiesel produced at a facility located in
Indiana.
(b) The corporation shall determine the maximum amount of
credits that a taxpayer (or, if the person producing the blended
biodiesel is a pass through entity, the shareholders, partners, or
members of the pass through entity) is eligible to receive under this
section. The total amount of credits that the corporation may grant to
a taxpayer (or, if the person producing the blended biodiesel is a pass
through entity, the shareholders, partners, or members of the pass
through entity) under this section may not exceed three million
dollars ($3,000,000) for all taxable years. As added by P.L.224-2003, SEC.199. Amended by P.L.191-2005,
SEC.6; P.L.122-2006, SEC.6.
IC 6-3.1-27-9.5 Maximum amount of tax credits allowed
Sec. 9.5. Except as provided in IC 6-3.1-28-11(c), the total amount
of credits allowed under:
(1) section 8 of this chapter;
(2) section 9 of this chapter; and
(3) IC 6-3.1-28;
may not exceed fifty million dollars ($50,000,000) for all taxpayers
and all taxable years beginning after December 31, 2004. The
corporation shall determine the maximum allowable amount for each
type of credit, which must be at least four million dollars
($4,000,000) for each type of credit. As added by P.L.191-2005, SEC.7. Amended by P.L.122-2006,
SEC.7; P.L.175-2007, SEC.1.
IC 6-3.1-27-10 Credit for sale of blended biodiesel
Sec. 10. (a) A taxpayer that:
(1) is a dealer; and
(2) distributes at retail blended biodiesel in a taxable year;
is entitled to a credit against the taxpayer's state tax liability.
(b) The amount of the credit allowed under this section is the
product of:
(1) one cent ($0.01); multiplied by
(2) the total number of gallons of blended biodiesel distributed
at retail by the taxpayer in a taxable year.
(c) The total amount of credits allowed under this section may not
exceed one million dollars ($1,000,000) for all taxpayers and all
taxable years.
(d) A credit under this section may not be taken for blended
biodiesel distributed at retail after December 31, 2010. As added by P.L.224-2003, SEC.199. Amended by P.L.191-2005,
SEC.8; P.L.122-2006, SEC.8.
IC 6-3.1-27-11 Pass through entities
Sec. 11. If a pass through entity is entitled to a credit under this
chapter but does not have state tax liability against which the tax
credit may be applied, a shareholder, partner, or member of the pass
through entity is entitled to a tax credit equal to:
(1) the tax credit determined for the pass through entity for the
taxable year; multiplied by
(2) the percentage of the pass through entity's distributive
income to which the shareholder, partner, or member is entitled. As added by P.L.224-2003, SEC.199.
IC 6-3.1-27-12 Carryover of tax credits; assignment
Sec. 12. (a) If the amount of the credit determined under this
chapter for a taxpayer in a taxable year exceeds the taxpayer's state
tax liability for that taxable year, the taxpayer may carry over the
excess to the following taxable years. The amount of the credit
carryover from a taxable year shall be reduced to the extent that the
carryover is used by the taxpayer to obtain a credit under this chapter
for any subsequent taxable year. A credit may not be carried forward
for more than six (6) taxable years following the taxable year in
which the taxpayer was first entitled to claim the credit.
(b) A taxpayer is not entitled to a carryback or refund of any
unused credit. A taxpayer may not sell, assign, convey, or otherwise
transfer the tax credit provided by this chapter. As added by P.L.224-2003, SEC.199. Amended by P.L.191-2005,
SEC.9.
IC 6-3.1-27-13 Claiming credit
Sec. 13. To receive the credit provided by this chapter, a taxpayer
must do the following:
(1) Claim the credit on the taxpayer's state tax return or returns
in the manner prescribed by the department.
(2) Provide a copy of the certificate of the corporation finding:
(A) that the taxpayer; or
(B) if the taxpayer is a shareholder, partner, or member of a
pass through entity, that the pass through entity;
is eligible for the credit under IC 5-28-6-3.
(3) Submit to the department proof of all information that the
department determines is necessary for the calculation of the
credit provided by this chapter.
The department may require a pass through entity to provide
informational reports that the department determines necessary for
the department to calculate the percentage of a credit provided by
this chapter to which a shareholder, partner, or member of the pass
through entity is entitled. As added by P.L.224-2003, SEC.199. Amended by P.L.191-2005,
SEC.10.
