Version b
Maximum amount of credit; source of funding for credit
Note: This version of section effective 5-15-2005. See also
preceding version of this section, effective until 5-15-2005.
Sec. 15. (a) The amount of tax credits allowed under this chapter
may not exceed two million dollars ($2,000,000) in a state fiscal year
unless the Indiana finance authority determines under subsection (e)
that money is available for additional tax credits in a particular state
fiscal year. However, if the maximum amount of tax credits allowed
under this subsection exceeds the amount available in the subaccount
of the environmental remediation revolving loan fund (IC 13-19-5),
the maximum amount of tax credits allowed under this subsection is
reduced to the amount available.
(b) The department shall record the time of filing of each return
claiming a credit under section 13 of this chapter and shall, except as
provided in subsection (c), grant the credit to the taxpayer, if the
taxpayer otherwise qualifies for a tax credit under this chapter, in the
chronological order in which the return is filed in the state fiscal
year.
(c) If the total credits approved under this section equal the
maximum amount allowable in a state fiscal year, a return claiming
the credit filed later in that same fiscal year may not be approved.
However, if an applicant for whom a credit has been approved fails
to file the information required by section 13 of this chapter, an
amount equal to the credit previously allowed or set aside for the
applicant may be allowed to the next eligible applicant or applicants
until the total amount has been allowed. In addition, the department
may, if the applicant so requests, approve a credit application, in
whole or in part, with respect to the next succeeding state fiscal year.
(d) The department of state revenue shall report the total credits
granted under this chapter for each state fiscal year to the Indiana
finance authority. The Indiana finance authority shall transfer to the
state general fund an amount equal to the total credits granted from
the subaccount of the environmental remediation revolving loan fund
(IC 13-19-5).
(e) At the end of each state fiscal year, the Indiana finance
authority may determine whether money is available in the
environmental remediation revolving loan fund (IC 13-19-5) to
provide tax credits in excess of the amount set forth in subsection (a)
in the subsequent state fiscal year.
(f) Before June 30 of each year, the Indiana finance authority may
assess the demand for tax credits under this chapter and determine
whether the need for other brownfield activities is greater than the
need for tax credits. If the Indiana finance authority determines that
the need for other brownfield activities is greater than the need for
tax credits, the authority may set aside up to three-fourths (3/4) of the
amount of allowable tax credits for the subsequent state fiscal year
and use it for other brownfield projects.
(g) Except as provided in subsection (h), the Indiana finance
authority may use money set aside under subsection (f) for any
permissible purpose.
(h) Money specifically appropriated for tax credits may not be set
aside for another use.
As added by P.L.109-2001, SEC.1. Amended by P.L.208-2005,
SEC.8; P.L.235-2005, SEC.102.
Last modified: May 28, 2006