Installation or completion of capital improvement required;
repayment of tax liability and interest
Sec. 12. (a) If a taxpayer receives a credit under this chapter, the
equipment, machinery, facilities improvements, facilities, buildings,
or foundations for which the credit was granted must be fully
installed or completed not more than five (5) years after the
corporation issues a letter under section 10 of this chapter certifying
that the taxpayer is entitled to claim the credit.
(b) If a taxpayer receives a credit under this chapter and does not
make the qualified investment (or a part of the qualified investment)
for which the credit was granted within the time required by
subsection (a), the corporation may require the taxpayer to repay the
following:
(1) The additional amount of state tax liability that would have
been paid by the taxpayer if the credit had not been granted for
the qualified investment (or part of the qualified investment)
that was not made by the taxpayer within the time required by
subsection (a).
(2) Interest at a rate established under IC 6-8.1-10-1(c) on the
additional amount of state tax liability referred to in subdivision
(1).
As added by P.L.291-2001, SEC.177. Amended by P.L.4-2005,
SEC.90.
Last modified: May 28, 2006