Indiana Code
Chapter 26. Hoosier Business Investment Tax Credit
6-3.1-26-20. Certification of Qualified Investments

Sec. 20. (a) The corporation shall certify the amount of the qualified investment that is eligible for a credit under this chapter. In determining the credit amount that should be awarded, the corporation shall grant a credit only for the amount of the qualified investment that is directly related to:
(1) expanding the workforce in Indiana; or
(2) substantially enhancing the logistics industry or improving the overall Indiana economy.
(b) A person that desires to claim a tax credit for a qualified investment shall file with the department, in the form that the department may prescribe, an application:
(1) stating separately the amount of the credit awards for qualified investments that have been granted to the taxpayer by the corporation that will be claimed as a credit;
(2) stating separately the amount sought to be claimed as a credit; and
(3) identifying whether the credit will be claimed during the state fiscal year in which the application is filed or the immediately succeeding state fiscal year.
(c) The department shall separately record the time of filing of each application for a credit award for a qualified investment and shall, except as provided in subsection (d), approve the credit to the taxpayer in the chronological order in which the application is filed in the state fiscal year. The department shall promptly notify an applicant whether, or the extent to which, the tax credit is allowable in the state fiscal year proposed by the taxpayer.
(d) If the total credit awards for qualified investments, including carryover credit awards covered by each subsection for a previous state fiscal year, equal the maximum amount allowable in the state fiscal year, an application for such a credit award that is filed later for that same state fiscal year may not be granted by the department. However, if an applicant for which a credit has been awarded and applied for with the department fails to claim the credit, an amount equal to the credit previously applied for but not claimed may be allowed to the next eligible applicant or applicants until the total amount has been allowed.
As added by P.L.224-2003, SEC.197. Amended by P.L.4-2005, SEC.109; P.L.288-2013, SEC.57; P.L.250-2015, SEC.34; P.L.158-2019, SEC.19; P.L.135-2022, SEC.11.

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