Certification of investment plan; application; proof of investment
within two years
Sec. 12.5. (a) A taxpayer wishing to obtain a credit under this
chapter must apply to the Indiana economic development corporation
for a certification that the taxpayer's proposed investment plan would
qualify for a credit under this chapter.
(b) The application required under subsection (a) must include:
(1) the name and address of the taxpayer;
(2) the name and address of each proposed recipient of the
taxpayer's proposed investment;
(3) the amount of the proposed investment;
(4) a copy of the certification issued under section 7 of this
chapter that the proposed recipient is a qualified Indiana
business; and
(5) any other information required by the Indiana economic
development corporation.
(c) If the Indiana economic development corporation determines
that:
(1) the proposed investment would qualify the taxpayer for a
credit under this chapter; and
(2) the amount of the proposed investment would not result in
the total amount of tax credits certified for the calendar year
exceeding twelve million five hundred thousand dollars
($12,500,000);
the corporation shall certify the taxpayer's proposed investment plan.
(d) To receive a credit under this chapter, the taxpayer must
provide qualified investment capital to a qualified Indiana business
according to the taxpayer's certified investment plan within two (2)
years after the date on which the Indiana economic development
corporation certifies the investment plan.
(e) Upon making the investment required under subsection (d), the
taxpayer shall provide proof of the investment to the Indiana
economic development corporation.
(f) Upon receiving proof of a taxpayer's investment under
subsection (e), the Indiana economic development corporation shall
issue the taxpayer a certificate indicating that the taxpayer has
fulfilled the requirements of the corporation and that the taxpayer is
entitled to a credit under this chapter.
(g) A taxpayer forfeits the right to a tax credit attributable to an
investment certified under subsection (c) if the taxpayer fails to make
the proposed investment within the period required under subsection
(d).
As added by P.L.214-2003, SEC.6. Amended by P.L.4-2005,
SEC.100; P.L.193-2005, SEC.20.
Last modified: May 28, 2006