Sec. 11. (a) If a pass through entity places a qualified vehicle into service but does not have state tax liability against which a tax credit may be applied, a shareholder, partner, or member of the pass through entity may claim a tax credit under this chapter equal to:
(1) the tax credit determined for the pass through entity under this chapter 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.
(b) The credit provided under subsection (a) is in addition to a tax credit to which a shareholder, partner, or member of a pass through entity is otherwise entitled under this chapter. However, a pass through entity and a shareholder, partner, or member of the pass through entity may not claim more than one (1) credit for the same qualified vehicle placed into service.
As added by P.L.277-2013, SEC.6.
Structure Indiana Code
Article 3.1. State Tax Liability Credits
Chapter 34.6. Tax Credit for Natural Gas Powered Vehicles
6-3.1-34.6-4. "Pass Through Entity"
6-3.1-34.6-6. "Qualified Vehicle"
6-3.1-34.6-7. "State Tax Liability"
6-3.1-34.6-8. Credit Claims; Credit Amounts; Claims for Vehicles Placed Into Service in 2013
6-3.1-34.6-10. Maximum Annual Credit; Maximum Overall Credit
6-3.1-34.6-11. Claiming Credit; Pass Through Entity
6-3.1-34.6-12. Procedure to Claim Credit
6-3.1-34.6-13. Credit Carryover; No Carryback or Refund
6-3.1-34.6-14. Credit Sale, Assignment, or Transfer Prohibited