Credit disallowed for a business that reduces or ceases operations
in Indiana to relcoate within a qualified area
Sec. 13. (a) This subsection applies to an investment described in
section 4(2) of this chapter.
(b) A taxpayer is not entitled to claim the credit provided by this
chapter to the extent that the taxpayer invests in a business that
substantially reduces or ceases its operations at another location in
Indiana in order to relocate its operations within the qualified area,
unless:
(1) the business had existing operations in the qualified area;
and
(2) the operations relocated to the qualified area are an
expansion of the business's operations in the qualified area.
(c) A determination under subsection (b) that a taxpayer is not
entitled to the credit provided by this chapter as a result of a
business's substantial reduction or cessation of operations applies to
credits that would otherwise arise in the taxable year:
(1) in which the substantial reduction or cessation occurs; or
(2) in which the taxpayer proposes to make the investment in
the business, if different than the taxable year described in
subdivision (1).
Determinations under this section shall be made by the department
of state revenue.
As added by P.L.81-2004, SEC.22.
Last modified: May 28, 2006