Entitlement to credit; amount
Sec. 5. (a) A manufacturer is entitled to a credit against the
manufacturer's state tax liability as follows:
(1) In the case of a manufacturer described under section
2(a)(2)(A) or 2(a)(2)(B) of this chapter, the amount of the credit
is equal to:
(A) the number of tons of coal combustion products obtained
and used by the manufacturer in the taxable year; multiplied
by
(B) two dollars ($2).
(2) In the case of a manufacturer described under section
2(a)(2)(C) of this chapter, the amount of the credit is equal to:
(A) the difference between:
(i) the number of tons of coal combustion products
obtained and used by the manufacturer in the taxable year;
and
(ii) the amount determined in STEP TWO of section 2(b)
of this chapter; multiplied by
(B) two dollars ($2).
(b) The total amount of credits allowed under this chapter may not
exceed in the aggregate two million dollars ($2,000,000) for all
taxpayers per state fiscal year.
(c) To receive the credit provided by this chapter, a taxpayer must
claim the credit on the taxpayer's state tax return or returns in the
manner prescribed by the department.
(d) The department shall record the time of filing of each return
claiming a credit under this section and shall, except as provided in
subsection (e), grant the credit to the taxpayer, if the taxpayer
otherwise qualifies for a tax credit under this chapter, in the
chronological order in which the return is filed in the state fiscal
year.
(e) If the total credits approved under this section equal the
maximum amount allowable in the state fiscal year, a return claiming
the credit filed later in that same state fiscal year may not be
approved. However, if an applicant for which a credit has been
approved fails to file the information required by section 9 of this
chapter, an amount equal to the credit previously allowed or set aside
for the applicant may be allowed to the next eligible applicant or
applicants until the total amount has been allowed. In addition, the
department may, if the applicant so requests, approve a credit
application, in whole or in part, with respect to the next succeeding
state fiscal year.
As added by P.L.215-2003, SEC.2.
Last modified: May 28, 2006