Version a
Definitions
Note: This version of section effective until 5-15-2005. See also
following version of this section, effective 5-15-2005.
Sec. 1. As used in this chapter:
"Business firm" means any business entity authorized to do
business in the state of Indiana that has state tax liability.
"Community services" means any type of counseling and advice,
emergency assistance, medical care, recreational facilities, housing
facilities, or economic development assistance to individuals, groups,
or neighborhood organizations in an economically disadvantaged
area.
"Crime prevention" means any activity which aids in the reduction
of crime in an economically disadvantaged area.
"Economically disadvantaged area" means an enterprise zone, or
any area in Indiana that is certified as an economically disadvantaged
area by the Indiana economic development corporation after
consultation with the community services agency. The certification
shall be made on the basis of current indices of social and economic
conditions, which shall include but not be limited to the median per
capita income of the area in relation to the median per capita income
of the state or standard metropolitan statistical area in which the area
is located.
"Education" means any type of scholastic instruction or
scholarship assistance to an individual who resides in an
economically disadvantaged area that enables the individual to
prepare for better life opportunities.
"Enterprise zone" means an enterprise zone created under
IC 5-28-15.
"Job training" means any type of instruction to an individual who
resides in an economically disadvantaged area that enables the
individual to acquire vocational skills so that the individual can
become employable or be able to seek a higher grade of employment.
"Neighborhood assistance" means either:
(1) furnishing financial assistance, labor, material, and technical
advice to aid in the physical or economic improvement of any
part or all of an economically disadvantaged area; or
(2) furnishing technical advice to promote higher employment
in any neighborhood in Indiana.
"Neighborhood organization" means any organization, including
but not limited to a nonprofit development corporation:
(1) performing community services in an economically
disadvantaged area; and
(2) holding a ruling:
(A) from the Internal Revenue Service of the United States
Department of the Treasury that the organization is exempt
from income taxation under the provisions of the Internal
Revenue Code; and
(B) from the department of state revenue that the
organization is exempt from income taxation under
IC 6-2.5-5-21.
"Person" means any individual subject to Indiana gross or
adjusted gross income tax.
"State fiscal year" means a twelve (12) month period beginning on
July 1 and ending on June 30.
"State tax liability" means the taxpayer's total tax liability that is
incurred under:
(1) IC 6-3-1 through IC 6-3-7 (the adjusted gross income tax);
and
(2) IC 6-5.5 (the financial institutions tax);
as computed after the application of the credits that, under
IC 6-3.1-1-2, are to be applied before the credit provided by this
chapter.
"Tax credit" means a deduction from any tax otherwise due and
payable under IC 6-3 or IC 6-5.5.
As added by P.L.51-1984, SEC.1. Amended by P.L.21-1990, SEC.12;
P.L.25-1993, SEC.10; P.L.192-2002(ss), SEC.99; P.L.4-2005,
SEC.53.
Last modified: May 28, 2006