Indiana Code - Taxation - Title 6, Section 6-3.1-23-5-a

Version a

Taxpayer credit; eligibility; department determination; Indiana
development finance authority

Note: This version of section effective until 5-15-2005. See also
following version of this section, effective 5-15-2005.

Sec. 5. (a) A taxpayer is entitled to a credit equal to the amount
determined under section 6 of this chapter against the taxpayer's state
tax liability for a taxable year if the following requirements are
satisfied:
(1) The taxpayer does the following:
(A) Makes a qualified investment in that taxable year.
(B) Submits the following to the Indiana development
finance authority:
(i) A description of the taxpayer's proposed redevelopment
of the property.
(ii) The sources and amounts of money to be used for the
remediation and proposed redevelopment of the property.
(iii) An estimate of the value of the remediation and
proposed redevelopment.
(iv) A description documenting any good faith attempts to
recover the costs of the environmental damages from
liable parties.
(v) Proof of appropriate zoning for the intended reuse.
(vi) A letter supporting the proposed project and
redevelopment from the legislative body.

(vii) The documentation described in subsection (b).
(2) The department determines under section 15 of this chapter
that the taxpayer's return claiming the credit is filed with the
department before the maximum amount of credits allowed
under this chapter is met.
(b) The documentation referred to in subsection (a)(1)(B)(vii)
consists of information reflecting that the taxpayer:
(1) has never had an ownership interest in an entity that caused
or contributed to; and
(2) has not caused or contributed to;
the release or threatened release of a hazardous substance, a
contaminant, petroleum, or a petroleum product that is the subject of
the remediation.
(c) The Indiana development finance authority shall:
(1) determine whether the taxpayer meets the requirements of
subsection (a)(1); and
(2) if the taxpayer meets the requirements of subsection (a)(1),
certify to the taxpayer that the taxpayer is eligible for the credit
allowed under this chapter.

As added by P.L.109-2001, SEC.1. Amended by P.L.245-2003,
SEC.29; P.L.208-2005, SEC.4.

Last modified: May 28, 2006