Sec. 6. (a) If the department determines that the proceeds from a loan are used for a purpose other than the purpose stated at the time a credit was claimed under this chapter for interest on that loan, and if that stated purpose caused the department to designate the loan as a qualified loan, then the department shall disallow the credit allowed under this chapter for interest on that loan.
(b) A taxpayer shall pay to the department the amount of any credit disallowed under this section.
As added by P.L.51-1984, SEC.1.
Structure Indiana Code
Article 3.1. State Tax Liability Credits
Chapter 7. Enterprise Zone Loan Interest Credit
6-3.1-7-2. Eligible Taxpayers; Amount of Credit; Pass Through Entities
6-3.1-7-4. Credit; Allocation to State Tax Liability
6-3.1-7-5. Claiming of Credit on Annual State Tax Return
6-3.1-7-6. Disallowance of Credit
6-3.1-7-8. Program Expiration; Treatment of Credit Carryovers