Version b
Application for credit; form; contents; priority; notification of
credit allowable; filing of statement; disallowance
Note: This version of section effective 5-15-2005. See also
preceding version of this section, effective until 5-15-2005.
Sec. 4. (a) Any business firm or person which desires to claim a
tax credit as provided in this chapter shall file with the department,
in the form that the department may prescribe, an application stating
the amount of the contribution or investment which it proposes to
make which would qualify for a tax credit, and the amount sought to
be claimed as a credit. The application shall include a certificate
evidencing approval of the contribution or program by the Indiana
housing finance authority.
(b) The Indiana housing finance authority shall give priority in
issuing certificates to applicants whose contributions or programs
directly benefit enterprise zones.
(c) The department shall promptly notify an applicant whether, or
the extent to which, the tax credit is allowable in the state fiscal year
in which the application is filed, as provided in section 5 of this
chapter. If the credit is allowable in that state fiscal year, the
applicant shall within thirty (30) days after receipt of the notice file
with the department of state revenue a statement, in the form and
accompanied by the proof of payment as the department may
prescribe, setting forth that the amount to be claimed as a credit
under this chapter has been paid to an organization for an approved
program or purpose, or permanently set aside in a special account to
be used solely for an approved program or purpose.
(d) The department may disallow any credit claimed under this
chapter for which the statement or proof of payment is not filed
within the thirty (30) day period.
As added by P.L.51-1984, SEC.1. Amended by P.L.4-2005, SEC.55;
P.L.235-2005, SEC.97.
Last modified: May 28, 2006