Indiana Code
Chapter 26. Hoosier Business Investment Tax Credit
6-3.1-26-15. Carry Forward of Credit; Acceleration of Certain Credits

Sec. 15. (a) Subject to subsection (d) and (g), a taxpayer may carry forward an unused credit for the number of years determined by the corporation, not to exceed nine (9) consecutive taxable years, beginning with the taxable year after the taxable year in which the taxpayer makes the qualified investment.
(b) The amount that a taxpayer may carry forward to a particular taxable year under this section equals the unused part of a tax credit allowed under this chapter.
(c) A taxpayer may:
(1) claim a tax credit under this chapter for a qualified investment; and
(2) carry forward a remainder for one (1) or more different qualified investments;
in the same taxable year.
(d) This subsection applies only to a taxpayer that:
(1) is not a pass through entity;
(2) proposes at least five hundred million dollars ($500,000,000) in total investment over a five (5) year period; and
(3) enters into a written agreement with the corporation under this subsection before January 1, 2017, and agrees to claim tax credits under this chapter for not more than one hundred seventy million dollars ($170,000,000) of qualified investment that is made as part of the investment proposed as described in subdivision (2).
If a tax credit awarded under this chapter exceeds a taxpayer's state income tax liability for the taxable year, notwithstanding subsection (a), the corporation may accelerate to that taxable year the excess amount of the tax credit that could otherwise be carried forward under subsection (a). The excess amount of the tax credit accelerated under this subsection shall be discounted as determined under a written agreement entered into by the taxpayer and the corporation. The discounted amount of the excess tax credit accelerated under this subsection as determined by the corporation may be remitted to the taxpayer as provided in the written agreement between the corporation and the taxpayer. Subject to subsection (f), the total amount of qualified investments for which tax credits may be accelerated under this subsection may not exceed one hundred seventy million dollars ($170,000,000). The requirement for an agreement under section 21(11) of this chapter does not apply to this subsection. This subsection expires December 31, 2025.
(e) A written agreement under subsection (d) may contain a provision for payment of liquidated damages:
(1) to the corporation for failure to comply with the conditions set forth in this chapter and the agreement entered into by the corporation and taxpayer under this chapter; and
(2) that are in addition to an assessment made by the department for noncompliance under section 23 of this chapter.
This subsection expires December 31, 2025.
(f) The total aggregated amount of tax credits that the corporation may discount under subsection (d) and section 16(d) of this chapter in a state fiscal year may not exceed seventeen million dollars ($17,000,000), as determined before the discount is applied. This subsection expires December 31, 2025.
(g) This subsection applies only to a taxpayer that:
(1) is not a pass through entity;
(2) proposes at least two hundred fifty million dollars ($250,000,000) in total investment over a five (5) year period; and
(3) enters into a written agreement with the corporation under this subsection before July 1, 2022, and agrees to claim tax credits under this chapter for not more than one hundred seventy million dollars ($170,000,000) of qualified investment that is made as part of the investment proposed as described in subdivision (2).
If a tax credit awarded under this chapter exceeds a taxpayer's state income tax liability for the taxable year, notwithstanding subsection (a), the corporation may accelerate to that taxable year the excess amount of the tax credit that could otherwise be carried forward under subsection (a). The excess amount of the tax credit accelerated under this subsection shall be discounted as determined under a written agreement entered into by the taxpayer and the corporation. The discounted amount of the excess tax credit accelerated under this subsection as determined by the corporation may be remitted to the taxpayer as provided in the written agreement between the corporation and the taxpayer. Subject to subsection (i), the total amount of qualified investments for which tax credits may be accelerated under this subsection may not exceed one hundred seventy million dollars ($170,000,000). The requirement for an agreement under section 21(11) of this chapter does not apply to this subsection. This subsection expires December 31, 2031.
(h) A written agreement under subsection (g) may contain a provision for payment of liquidated damages:
(1) to the corporation for failure to comply with the conditions set forth in this chapter and the agreement entered into by the corporation and taxpayer under this chapter; and
(2) that are in addition to an assessment made by the department for noncompliance under section 23 of this chapter.
This subsection expires December 31, 2031.
(i) The total aggregated amount of tax credits that the corporation may discount under subsection (g) and section 16(g) of this chapter in a state fiscal year may not exceed seventeen million dollars ($17,000,000), as determined before the discount is applied. This subsection expires December 31, 2031.
As added by P.L.224-2003, SEC.197. Amended by P.L.199-2005, SEC.21; P.L.288-2013, SEC.54; P.L.250-2015, SEC.32; P.L.122-2016, SEC.6; P.L.165-2021, SEC.88.