Maximum annual statewide allowance for credits; treatment of
credit carryovers; program expiration
Sec. 9. (a) The total amount of tax credits that may be allowed
under this chapter in a particular calendar year for qualified
investment capital provided during that calendar year may not exceed
twelve million five hundred thousand dollars ($12,500,000). The
Indiana economic development corporation may not certify a
proposed investment plan under section 12.5 of this chapter if the
proposed investment would result in the total amount of the tax
credits certified for the calendar year exceeding twelve million five
hundred thousand dollars ($12,500,000). An amount of an unused
credit carried over by a taxpayer from a previous calendar year may
not be considered in determining the amount of proposed
investments that the Indiana economic development corporation may
certify under this chapter.
(b) Notwithstanding the other provisions of this chapter, a
taxpayer is not entitled to a credit for providing qualified investment
capital to a qualified Indiana business after December 31, 2008.
However, this subsection may not be construed to prevent a taxpayer
from carrying over to a taxable year beginning after December 31,
2008, an unused tax credit attributable to an investment occurring
before January 1, 2009.
As added by P.L.192-2002(ss), SEC.119. Amended by P.L.214-2003,
SEC.4; P.L.4-2005, SEC.99; P.L.193-2005, SEC.18.
Last modified: May 28, 2006