Note: This version of section effective until 1-1-2023. See also following version of this section, effective 1-1-2023.
Sec. 8. (a) A certification provided under section 7 of this chapter must include notice to the investors of the maximum amount of tax credits available under this chapter for the provision of qualified investment capital to the qualified Indiana business.
(b) For a calendar year ending before January 1, 2011, the maximum amount of tax credits available under this chapter for the provision of qualified investment capital to a particular qualified Indiana business equals the lesser of:
(1) the total amount of qualified investment capital provided to the qualified Indiana business in the calendar year, multiplied by twenty percent (20%); or
(2) five hundred thousand dollars ($500,000).
(c) For a calendar year beginning after December 31, 2010, and ending before January 1, 2022, the maximum amount of tax credits available under this chapter for the provision of qualified investment capital to a particular qualified Indiana business equals the lesser of the following:
(1) The total amount of qualified investment capital provided to the qualified Indiana business in the calendar year, multiplied by twenty percent (20%).
(2) One million dollars ($1,000,000).
(d) For a calendar year beginning after December 31, 2021, the maximum amount of tax credits available under this chapter for the provision of qualified investment capital to a particular qualified Indiana business equals the lesser of the following:
(1) The total amount of qualified investment capital provided to the qualified Indiana business in the calendar year, multiplied by twenty-five percent (25%).
(2) One million dollars ($1,000,000).
(e) Notwithstanding subsection (d), for a calendar year beginning after December 31, 2021, the maximum amount of tax credits available under this chapter for the provision of qualified investment capital to a particular qualified Indiana business, if the qualified Indiana business is a minority business enterprise or a women's business enterprise, equals the lesser of the following:
(1) The total amount of qualified investment capital provided to the qualified Indiana business in the calendar year, multiplied by thirty percent (30%).
(2) One million five hundred thousand dollars ($1,500,000).
As added by P.L.192-2002(ss), SEC.119. Amended by P.L.172-2011, SEC.67; P.L.165-2021, SEC.81.
Structure Indiana Code
Article 3.1. State Tax Liability Credits
Chapter 24. Venture Capital Investment Tax Credit
6-3.1-24-1. "Pass Through Entity" Defined
6-3.1-24-2. "Qualified Indiana Business" Defined
6-3.1-24-2.5. "Qualified Indiana Investment Fund"
6-3.1-24-3. "Qualified Investment Capital" Defined
6-3.1-24-4. "State Tax Liability" Defined
6-3.1-24-4.5. "Substantial Presence"
6-3.1-24-5. "Taxpayer" Defined
6-3.1-24-6. Credit; Eligibility
6-3.1-24-7. Certification of Qualified Indiana Business; Forms; Fee
6-3.1-24-7.5. Certification of Qualified Indiana Investment Fund; Forms
6-3.1-24-8. Maximum Allowable Credit; Notice to Investors
6-3.1-24-8-b. Maximum Allowable Credit; Notice to Investors
6-3.1-24-8.5. Maximum Allowable Credit; Qualified Investment Fund; Notice to Investors
6-3.1-24-11. Pass Through Entity; Eligibility of Owners, Shareholders, or Members for Credit
6-3.1-24-12. Carryover of Unused Tax Credit; Assignment of All or Part of the Credit
6-3.1-24-12.5. Certification of Investment Plan; Application; Proof of Investment Within Two Years
6-3.1-24-13. Returns; Submission of Certificates From Indiana Economic Development Corporation