Version b
Duration of credit; maximum credit with respect to job creation;
total maximum with respect to job retention
Note: This version of section effective 7-1-2005. See also
preceding version of this section, effective until 7-1-2005.
Sec. 18. (a) The corporation shall determine the amount and
duration of a tax credit awarded under this chapter. The duration of
the credit may not exceed ten (10) taxable years. The credit may be
stated as a percentage of the incremental income tax withholdings
attributable to the applicant's project and may include a fixed dollar
limitation. In the case of a credit awarded for a project to create new
jobs in Indiana, the credit amount may not exceed the incremental
income tax withholdings. However, the credit amount claimed for a
taxable year may exceed the taxpayer's state tax liability for the
taxable year, in which case the excess may, at the discretion of the
corporation, be refunded to the taxpayer.
(b) For state fiscal years 2004, 2005, 2006, and 2007, the
aggregate amount of credits awarded under this chapter for projects
to retain existing jobs in Indiana may not exceed five million dollars
($5,000,000) per year.
As added by P.L.41-1994, SEC.1. Amended by P.L.178-2002,
SEC.47; P.L.4-2005, SEC.75; P.L.197-2005, SEC.7.
Last modified: May 28, 2006