Sec. 12. (a) A tax credit that a taxpayer may claim under this chapter shall be applied against taxes owed by the taxpayer in the following order:
(1) First, against the taxpayer's adjusted gross income tax liability (IC 6-3-1 through IC 6-3-7) for the taxable year.
(2) Second, against the taxpayer's insurance premiums tax liability (IC 27-1-18-2) or nonprofit agricultural organization health coverage tax liability (IC 6-8-15) for the taxable year.
(3) Third, against the taxpayer's financial institutions tax liability (IC 6-5.5) for the taxable year.
(b) If the tax paid by the taxpayer under a tax provision listed in subsection (a) is a credit against the liability or a deduction in determining the tax base under another Indiana tax provision, the credit or deduction shall be computed without regard to the credit to which a taxpayer may claim under this chapter.
As added by P.L.158-2019, SEC.29. Amended by P.L.154-2020, SEC.25.
Structure Indiana Code
Article 3.1. State Tax Liability Credits
Chapter 34. Redevelopment Tax Credit
6-3.1-34-3.5. "Mine Reclamation Site"
6-3.1-34-4. "Pass Through Entity"
6-3.1-34-5. "Placed in Service"
6-3.1-34-6. "Qualified Redevelopment Site"
6-3.1-34-7. "Qualified Investment"
6-3.1-34-9. "State Tax Liability"
6-3.1-34-11. Application; Amount of Credit; Pass Through Entity
6-3.1-34-12. Allocation of Credit Against Taxes Owed; Order; Computation
6-3.1-34-14. Credit Assignment
6-3.1-34-15. Requirements to Be Awarded a Credit
6-3.1-34-16. Factors Considered in Determining Whether to Award a Credit
6-3.1-34-18. Repayment Provisions
6-3.1-34-19. Procedure to Claim a Credit
6-3.1-34-20. Notice of Noncompliance; Assessment
6-3.1-34-21. Evaluation of the Performance of the Tax Credit Program; Report