Biodiesel production tax credit
Sec. 8. (a) Subject to section 9.5 of this chapter, a taxpayer that
has been certified by the corporation as eligible for a credit under
this section and produces biodiesel at a facility located in Indiana is
entitled to a credit against the taxpayer's state tax liability equal to
the product of:
(1) one dollar ($1); multiplied by
(2) the number of gallons of biodiesel:
(A) produced at the Indiana facility during the taxable year;
and
(B) used to produce blended biodiesel.
(b) The total amount of credits allowed a taxpayer (or, if the
person producing the biodiesel is a pass through entity, the
shareholders, partners, or members of the pass through entity) under
this section may not exceed three million dollars ($3,000,000) for all
taxable years.
(c) Notwithstanding subsection (b), the total amount of credits
allowed a taxpayer (or if the person producing biodiesel is a pass
through entity, the shareholders, partners, or members of the pass
through entity) may be increased to an amount not to exceed a total
of five million dollars ($5,000,000) for all taxable years with the
prior approval of the Indiana economic development corporation.
As added by P.L.224-2003, SEC.199. Amended by P.L.191-2005,
SEC.5.
Last modified: May 28, 2006