Income tax credit; amount; creditable year
Sec. 2. (a) A taxpayer who enters into an agreement is entitled to
receive an income tax credit for a taxable year equal to:
(1) the taxpayer's state income tax liability for the taxable year;
(2) an amount equal to the sum of:
(A) fifty percent (50%) of any investment in qualified
property made by the taxpayer during the taxable year as
part of the agreement; plus
(B) twenty-five percent (25%) of the wages paid to inmates
during the taxable year as part of the agreement; or
(3) one hundred thousand dollars ($100,000);
whichever is least.
(b) A tax credit shall be allowed under this chapter only for the
taxable year of the taxpayer during which:
(1) the investment in qualified property is made in accordance
with Section 38 of the Internal Revenue Code; or
(2) the wages are paid to inmates;
as part of an agreement.
As added by P.L.51-1984, SEC.1.
Last modified: May 28, 2006