Title 6, TITLE 6. TAXATION
297 chapters · 4,481 sections in this title.
Ind. Code § 6-3.1-40.9-1 "Affordable housing organization"
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Effective 1-1-2024. Sec. 1. As used in this chapter, "affordable housing organization" refers to an organization that: (1) is exempt from federal income taxation under Section 501(c)(3) of the Internal Revenue Code; and (2) uses volunteers to build, renovate, and develop homeowne…
Ind. Code § 6-3.1-40.9-10 Shareholder, partner, or member entitled to credit
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Effective 1-1-2024. Sec. 10. If a pass through entity is entitled to a credit under section 7 of this chapter but does not have state tax liability against which the tax credit may be applied, a shareholder, partner, or member of the pass through entity is entitled to a tax credi…
Ind. Code § 6-3.1-40.9-11 Application for approval as an affordable housing organization
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Effective 1-1-2024. Sec. 11. An affordable housing organization must apply to the corporation for approval as an affordable housing organization for purposes of this chapter. The corporation shall approve each applicant that is an affordable housing organization and provide a lis…
Ind. Code § 6-3.1-40.9-12 Claiming the credit
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Effective 1-1-2024. Sec. 12. To apply a credit against the taxpayer's state tax liability, a taxpayer must claim the credit on the taxpayer's annual state tax return or returns in the manner prescribed by the department. The taxpayer shall submit to the department the information…
Ind. Code § 6-3.1-40.9-13 Maximum amount of credits
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Effective 1-1-2024. Sec. 13. (a) The total amount of tax credits awarded under this chapter may not exceed four million dollars ($4,000,000) in each state fiscal year. However, any amounts carried forward under section 9(a) of this chapter shall first be deducted from the total a…
Ind. Code § 6-3.1-40.9-14 Information concerning the credit on the department website
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Effective 1-1-2024. Sec. 14. The department, on a website used by the department to provide information to the public, shall provide the following information: (1) The application for the credit provided in this chapter. (2) A timeline for receiving the credit provided in this ch…
Ind. Code § 6-3.1-40.9-15 Adoption of rules
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Effective 1-1-2024. Sec. 15. The department may adopt rules under IC 4-22-2 to implement this chapter. As added by P.L.201-2023, SEC.104.
Ind. Code § 6-3.1-40.9-16 Expiration
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Effective 1-1-2024. Sec. 16. This chapter expires January 1, 2030. As added by P.L.201-2023, SEC.104.
Ind. Code § 6-3.1-40.9-2 "Corporation"
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Effective 1-1-2024. Sec. 2. As used in this chapter, "corporation" means the Indiana economic development corporation established by IC 5-28-3-1. As added by P.L.201-2023, SEC.104.
Ind. Code § 6-3.1-40.9-3 "Credit"
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Effective 1-1-2024. Sec. 3. As used in this chapter, "credit" refers to a credit granted under this chapter. As added by P.L.201-2023, SEC.104.
Ind. Code § 6-3.1-40.9-4 "Pass through entity"
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Effective 1-1-2024. Sec. 4. As used in this chapter, "pass through entity" has the meaning set forth in IC 6-3-1-35. As added by P.L.201-2023, SEC.104.
Ind. Code § 6-3.1-40.9-5 "State tax liability"
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Effective 1-1-2024. Sec. 5. As used in this chapter, "state tax liability" means a taxpayer's total tax liability that is incurred under: (1) IC 6-3-1 through IC 6-3-7 (the adjusted gross income tax); and (2) IC 6-5.5 (the financial institutions tax); as computed after the applic…
Ind. Code § 6-3.1-40.9-6 "Taxpayer"
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Effective 1-1-2024. Sec. 6. As used in this chapter, "taxpayer" means an individual or entity that has any state tax liability. As added by P.L.201-2023, SEC.104.
Ind. Code § 6-3.1-40.9-7 Entitlement to credit
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Effective 1-1-2024. Sec. 7. A taxpayer that makes a contribution to an affordable housing organization that is approved under section 11 of this chapter is entitled to a credit against the taxpayer's state tax liability in the taxable year in which the taxpayer makes the contribu…
Ind. Code § 6-3.1-40.9-8 Amount of credit
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Effective 1-1-2024. Sec. 8. The amount of a taxpayer's credit is equal to fifty percent (50%) of the amount of the contribution that is not more than twenty thousand dollars ($20,000) made to the affordable housing organization. As added by P.L.201-2023, SEC.104.
Ind. Code § 6-3.1-40.9-9 Carry forward of credit
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Effective 1-1-2024. Sec. 9. (a) If the credit provided by this chapter exceeds the taxpayer's state tax liability for the taxable year for which the credit is first claimed, the excess may be carried forward to succeeding taxable years and used as a credit against the taxpayer's …