Credit
Effective 1-1-2006.
Sec. 14. (a) A taxpayer that:
(1) is awarded a tax credit under this chapter by the corporation;
and
(2) complies with the conditions set forth in this chapter and the
agreement entered into by the corporation and the taxpayer
under this chapter;
is entitled to a credit against the taxpayer's state tax liability for a
taxable year in which the taxpayer places into service an integrated
coal gasification powerplant and for the taxable years provided in
section 16 of this chapter.
(b) A tax credit awarded under this chapter must be applied
against the taxpayer's state tax liability in the following order:
(1) Against the taxpayer's liability incurred under IC 6-3-1
through IC 6-3-7 (the adjusted gross income tax).
(2) Against the taxpayer's liability incurred under IC 6-5.5 (the
financial institutions tax).
(3) Against the taxpayer's liability incurred under IC 27-1-18-2
(the insurance premiums tax).
(4) Against the taxpayer's liability incurred under IC 6-2.3 (the
utility receipts tax).
As added by P.L.191-2005, SEC.15.
Last modified: May 28, 2006