Ind. Code ch. 6-3.1-40.9

Ind. Code ch. 6-3.1-40.9
in effect

Ind. Code § 6-3.1-40.9-1 "Affordable housing organization"

Sec. 1. As used in this chapter, "affordable housing organization" refers to an organization that: (1) is exempt from federal income taxation under Section 501(c)(3) of the Internal Revenue Code; and (2) uses volunteers to build, renovate, and develop homeownership units for individuals whose income is at least thirty percent (30%) and not more than eighty percent (80%) of the area median income. As added by P.L.201-2023, SEC.104.

Ind. Code § 6-3.1-40.9-2 "Corporation"

Sec. 2. As used in this chapter, "corporation" means the Indiana economic development corporation established by IC 5-28-3-1. As added by P.L.201-2023, SEC.104.

Ind. Code § 6-3.1-40.9-3 "Credit"

Sec. 3. As used in this chapter, "credit" refers to a credit granted under this chapter. As added by P.L.201-2023, SEC.104.

Ind. Code § 6-3.1-40.9-4 "Pass through entity"

Sec. 4. As used in this chapter, "pass through entity" has the meaning set forth in IC 6-3-1-35. As added by P.L.201-2023, SEC.104.

Ind. Code § 6-3.1-40.9-5 "State tax liability"

Sec. 5. As used in this chapter, "state tax liability" means a taxpayer's total tax liability that is incurred under: (1) IC 6-3-1 through IC 6-3-7 (the adjusted gross income tax); and (2) IC 6-5.5 (the financial institutions tax); as computed after the application of the credits that under IC 6-3.1-1-2 are to be applied before the credit provided by this chapter. As added by P.L.201-2023, SEC.104.

Ind. Code § 6-3.1-40.9-6 "Taxpayer"

Sec. 6. As used in this chapter, "taxpayer" means an individual or entity that has any state tax liability. As added by P.L.201-2023, SEC.104.

Ind. Code § 6-3.1-40.9-7 Entitlement to credit

Sec. 7. A taxpayer that makes a contribution to an affordable housing organization that is approved under section 11 of this chapter is entitled to a credit against the taxpayer's state tax liability in the taxable year in which the taxpayer makes the contribution. As added by P.L.201-2023, SEC.104.

Ind. Code § 6-3.1-40.9-8 Amount of credit

Sec. 8. The amount of a taxpayer's credit is equal to fifty percent (50%) of the amount of the contribution that is not more than twenty thousand dollars ($20,000) made to the affordable housing organization. As added by P.L.201-2023, SEC.104.

Ind. Code § 6-3.1-40.9-9 Carry forward of credit

Sec. 9. (a) If the credit provided by this chapter exceeds the taxpayer's state tax liability for the taxable year for which the credit is first claimed, the excess may be carried forward to succeeding taxable years and used as a credit against the taxpayer's state tax liability during those taxable years. Each time the credit is carried forward to a succeeding taxable year, the credit is reduced by the amount that was used as a credit during the immediately preceding taxable year. The credit provided by this chapter may be carried forward and applied to succeeding taxable years for five (5) taxable years following the unused credit year. (b) A taxpayer is not entitled to a carryback or refund of any unused credit. As added by P.L.201-2023, SEC.104.

Ind. Code § 6-3.1-40.9-10 Shareholder, partner, or member entitled to credit

Sec. 10. If a pass through entity is entitled to a credit under section 7 of this chapter but does not have state tax liability against which the tax credit may be applied, a shareholder, partner, or member of the pass through entity is entitled to a tax credit equal to: (1) the tax credit determined for the pass through entity for the taxable year; multiplied by (2) the percentage of the pass through entity's distributive income to which the shareholder, partner, or member is entitled. As added by P.L.201-2023, SEC.104.

Ind. Code § 6-3.1-40.9-11 Application for approval as an affordable housing organization

Sec. 11. An affordable housing organization must apply to the corporation for approval as an affordable housing organization for purposes of this chapter. The corporation shall approve each applicant that is an affordable housing organization and provide a list of each approved affordable housing organization annually to the department before July 1 of each year. As added by P.L.201-2023, SEC.104.

Ind. Code § 6-3.1-40.9-12 Claiming the credit

Sec. 12. To apply a credit against the taxpayer's state tax liability, a taxpayer must claim the credit on the taxpayer's annual state tax return or returns in the manner prescribed by the department. The taxpayer shall submit to the department the information that the department determines is necessary for the department to determine whether the taxpayer is eligible for the credit. As added by P.L.201-2023, SEC.104.

Ind. Code § 6-3.1-40.9-13 Maximum amount of credits

Sec. 13. (a) The total amount of tax credits awarded under this chapter may not exceed four million dollars ($4,000,000) in each state fiscal year. However, any amounts carried forward under section 9(a) of this chapter shall first be deducted from the total amount of tax credits that may be awarded for the succeeding state fiscal year. (b) The department shall record the time of filing of each claim for a credit under this chapter and shall approve the credits, if they otherwise qualify, in the chronological order in which the claims for the credit are filed in the state fiscal year. As added by P.L.201-2023, SEC.104.

Ind. Code § 6-3.1-40.9-14 Information concerning the credit on the department website

Sec. 14. The department, on a website used by the department to provide information to the public, shall provide the following information: (1) The application for the credit provided in this chapter. (2) A timeline for receiving the credit provided in this chapter. (3) The total amount of credits awarded under this chapter during the current state fiscal year. As added by P.L.201-2023, SEC.104.

Ind. Code § 6-3.1-40.9-15 Adoption of rules

Sec. 15. The department may adopt rules under IC 4-22-2 to implement this chapter. As added by P.L.201-2023, SEC.104.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://iga.in.gov/laws/2026/ic/titles/6Fetched: 10/17/2026