Ind. Code ch. 6-3.1-1

in effect

Ind. Code § 6-3.1-1-1 Definitions; application

Sec. 1. Except as otherwise provided in this article, the definitions contained in IC 6-3-1 apply throughout this article. As added by P.L.51-1984, SEC.1.

Ind. Code § 6-3.1-1-2 Order of application

Sec. 2. (a) The tax credits a taxpayer is entitled to shall be applied against the taxpayer's tax liabilities in the following order: (1) First, credits which may not be refunded to a taxpayer nor carried over and applied against any tax liability for any succeeding taxable year. (2) Second, credits which may not be refunded to a taxpayer, but which may be carried over and applied against any tax liability for any succeeding taxable year. (3) Third, credits which will be refunded to a taxpayer to the extent the credit exceeds the tax liability it is to be applied against. (b) Credits described in subsection (a)(2) shall be applied against a taxpayer's tax liabilities so that the credits which may be applied to the fewest succeeding taxable years are utilized first. As added by P.L.51-1984, SEC.1.

Ind. Code § 6-3.1-1-3 Limitation on number of credits granted; election by taxpayer; election to carry forward certain tax credits

Sec. 3. (a) A taxpayer (as defined in the following laws), pass through entity (as defined in the following laws), or shareholder, partner, or member of a pass through entity may not be granted more than one (1) tax credit under the following laws for the same project: (1) IC 6-3.1-10 (enterprise zone investment cost credit) (before its expiration). (2) IC 6-3.1-11 (industrial recovery tax credit). (3) IC 6-3.1-19 (community revitalization enhancement district tax credit). (4) IC 6-3.1-24 (venture capital investment tax credit). (5) IC 6-3.1-26 (Hoosier business investment tax credit). If a taxpayer, pass through entity, or shareholder, partner, or member of a pass through entity has been granted more than one (1) tax credit for the same project, the taxpayer, pass through entity, or shareholder, partner, or member of a pass through entity must elect to apply only one (1) of the tax credits in the manner and form prescribed by the department. (b) A taxpayer (as defined in the following laws), pass through entity (as defined in the following laws), or shareholder, partner, or member of a pass through entity that is entitled to one (1) or more tax credits under the following laws for a taxable year beginning after December 31, 2016, and ending before January 1, 2018, may elect to carry forward all or any portion of one (1) or more of those tax credits to the taxable year beginning after December 31, 2017, and ending before January 1, 2019: (1) IC 6-3.1-10 (enterprise zone investment cost credit) (before its expiration). (2) IC 6-3.1-11 (industrial recovery tax credit). (3) IC 6-3.1-19 (community revitalization enhancement district tax credit). (4) IC 6-3.1-24 (venture capital investment tax credit). (5) IC 6-3.1-26 (Hoosier business investment tax credit). A taxpayer, pass through entity, or shareholder, partner, or member of a pass through entity that wishes to carry forward all or any portion of a tax credit under this subsection must make an election to do so in the manner and form prescribed by the department on or before the taxpayer's due date for filing a return for the taxable year ending after December 31, 2017. This subsection does not affect the limitation set forth in subsection (a) for the taxable year beginning after December 31, 2017, and ending before January 1, 2019. This subsection expires on January 1, 2023. As added by P.L.199-2005, SEC.17. Amended by P.L.223-2007, SEC.3; P.L.133-2012, SEC.52; P.L.288-2013, SEC.33; P.L.238-2017, SEC.19; P.L.214-2018(ss), SEC.10; P.L.214-2019, SEC.24.

Ind. Code § 6-3.1-1-4 Effect of repeal of tax credit statute on carrying over unused tax credits

Sec. 4. Except as otherwise expressly provided, a taxpayer may carry forward any unused tax credit from a prior taxable year to a taxable year that begins after the repeal of the statute that provided the tax credit. However, any limits on: (1) the amount carried forward; or (2) the number of years to which an unused tax credit may be carried forward; apply to any part of a tax credit carried forward under this section as if the statute allowing the unused tax credit to be carried forward had not been repealed. As added by P.L.190-2014, SEC.14.

Ind. Code § 6-3.1-1-5 Riverboat building tax credit allowed despite repeal of tax credit statute if qualified investments certified before January 1, 2015

Sec. 5. (a) As used in this section, "qualified taxpayer" means a taxpayer whose proposed costs to build or refurbish a riverboat are certified before January 1, 2015, as qualified investments under IC 6-3.1-17 (before its repeal) by the Indiana economic development corporation. (b) A qualified taxpayer may claim a tax credit for the taxable year in which the qualified investment described in subsection (a) is made regardless of whether the qualified investment is made in a taxable year beginning after December 31, 2014, as if IC 6-3.1-17 had not been repealed. (c) To receive the credit allowed under this section, a qualified taxpayer must claim the credit on the qualified taxpayer's state tax return or returns in the manner prescribed by the department. The qualified taxpayer shall submit to the department the certification of credit by the Indiana economic development corporation, proof of payment of the certified qualified investment, and all information that the department determines is necessary for the calculation of the credit provided under IC 6-3.1-17 (before its repeal) and for the determination of whether an investment cost is a qualified investment cost. (d) The amount of tax credits allowed under this section may not exceed one million dollars ($1,000,000) in a state fiscal year. (e) The department shall record the time of filing of each application for allowance of a credit under subsection (c) and shall approve the applications, if they otherwise qualify for a tax credit under IC 6-3.1-17 (before its repeal), in the chronological order in which the applications are filed in the state fiscal year. (f) When the total credits approved under this section equal the maximum amount allowable in a state fiscal year, no application thereafter filed for that same fiscal year shall be approved. However, if an applicant for whom a credit has been approved fails to file the statement of proof of payment required under subsection (c), an amount equal to the credit previously allowed or set aside for the applicant may be allowed to any subsequent applicant in the year. 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.190-2014, SEC.15.

Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://iga.in.gov/laws/2026/ic/titles/6Fetched: 10/17/2026